Heman Gerald Chapin
Published: 2013-09
Total Pages: 56
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ... of Jersey City. Value received. William T. Wallis, President. George T. Smith, Treasurer. It was held that Wallis and Smith had made themselves personally liable. In law it was their individual note. The words "president" and "treasurer" were simply descriptive and served solely to identify the signers. In no sense did they limit re-, sponsibility. Still as the court said, "it may be admitted that if the bank, when it discounted the paper, was informed or knew that the note was issued by the corporation and was intended to create only a corporate liability it could not be enforced against the defendants as individuals, who by mistake had executed it in such form as to make it on its face their own note and not that of the corporation." But as it appeared that the note was discounted primarily on Stuetzer's credit and no inquiry was made by the bank as to whether it was a corporation or individual obligation, a different result followed. Another important case is Cohnfeld v. Tannenbaum, 176 N. Y. 126. Cohnfeld was the guardian of his minor children. He drew checks on a fund belonging to them which he signed "Isa. dore Cohnfeld, guardian," and with these checks he paid the rent of a store occupied by the Cohnfeld Manufacturing Company. After Cohnfeld's death the children sued the landlord. It was said that the form of the signature gave Tannenbaum notice that the fund did not belong either to the Cohnfeld Manufacturing 'Company or to Isadore Cohnfeld. Tannenbaum was held liable, for had he made inquiry he would have learned that Cohnfeld had no authority to pay the money for such a purpose. (See further Casco Natl. Bank, v Clark, 139 N. Y. 307; Merchants' Natl. Bank v Clark, 139 N. Y. 314; Schmittler...
