268 N.Y. 712, Longley v. Coons

Citation268 N.Y. 712, 198 N.E. 571
Opinion JudgePER CURIAM.
Party NameFrederick J. LONGLEY et al., as Trustees, etc., Respondents, v. Harold J. COONS et al., Appellants.
AttorneyR. Monell Herzberg and R. Waldron Herzberg, both of Hudson, for appellants. George C. Inman, of Hudson, for respondents.
Judge PanelCRANE, C. J., and LEHMAN, O'BRIEN, LOUGHRAN, and FINCH, JJ., concur. HUBBS, J., not sitting. CROUCH, J., not voting.
Case DateOctober 25, 1935
CourtNew York Court of Appeals

Page 712

268 N.Y. 712

198 N.E. 571

Frederick J. LONGLEY et al., as Trustees, etc., Respondents,

v.

Harold J. COONS et al., Appellants.

Court of Appeals of New York.

October 25, 1935

Page 713

Appeal from a judgment, entered May 17, 1935, upon an order of the Appellate Division of the Supreme Court in the Third Judicial Department (244 A.D. 391, 280 N.Y.S. 17), which reversed on the law and facts an order of Special Term denying a motion by plaintiffs for summary judgment on the pleadings and granted such motion. The plaintiffs were trustees for certain depositors and creditors of the First National Bank & Trust Company of Hudson. The action was brought to recover the face amount, with interest, of a promissory note for $840, dated March 11, 1934, made by the defendant Harold J. Coons to the order of the defendant Sidney R. Coons, and indorsed and delivered by the latter to the plaintiffs. The answer and an affidavit of the defendant Harold J. Coons alleged that for many years one Jordan Philip had been president of the above-mentioned bank and remained in that position until March, 1933; that in the fall of 1931 there were advertised for sale at public auction six shares of the common stock of the bank; that at Philip's request such defendant went to the sale and, acting for the bank, purchased the stock; that upon his return to the bank Philip requested him to make his note for the sum of $1,000 until this stock could be sold to a customer of the bank with whom the president was then negotiating; that the note in suit was a renewal of that note; that such defendant at no time had any desire to purchase the stock for himself individually; and that he inquired several times of Philip concerning when the stock would be accepted by the bank and his money returned and was told each time that this would be done by the bank within a short time. The answer alleged, among other things, that the note was made and delivered without any consideration, in that the defendants were acting merely as agents of the bank in purchasing the six shares of stock and did not own the stock personally. Section 83 of chapter 2 of title 12 of the United States Code (12 USCA § 83) dealing with national banks, provides in part that ‘ No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be...

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8 practice notes
  • 278 N.Y. 317, Brown v. Manufacturers Trust Co.
    • United States
    • New York New York Court of Appeals
    • July 7, 1938
    ...Oppenheimer v. Harriman Nat. Bank & Trust Co., 301 U.S. 206; Walden Nat. Bank v. Birch, 130 N.Y. 221; Longley v. Coons, 244 A.D. 391; 268 N.Y. 712.) The merger was not an anticipatory breach of contract entitling plaintiff to recover past payments. (Merry Realty Co. v. Shamokin & Ho......
  • 88 Misc.2d 27, Board of Ed. of Brookhaven-Comsewogue Union Free School Dist. v. Port Jefferson Station Teachers Ass'n
    • United States
    • August 10, 1976
    ...unlawful, it must be given the former construction if reasonable and permissible (Longley v. Coons, 244 A.D. 391, 280 N.Y.S. 17, aff'd, 268 N.Y. 712, 198 N.E. 571; Friedman v. State, 242 A.D. 314, 275 N.Y.S. 64, aff'd, 268 N.Y. 530, 198 N.E. 389). Every contract implies good faith and fair ......
  • 270 N.Y. 172, Bay Parkway Nat. Bank of Brooklyn in New York v. Shalom
    • United States
    • New York New York Court of Appeals
    • March 3, 1936
    ...Hurd v. Kelly, 78 N.Y. 588; Federal Reserve Bank v. Crothers, 289 F. 777; Sickles v. Herold, 11 Misc. 583; Longley v. Coons, 244 A.D. 391; 268 N.Y. 712.) George A. Ferris and Bartholomew A. Moynahan for respondent. Defendant was not estopped from pleading Page 174 and proving want of consid......
  • 292 N.Y. 292, Reese v. Reamore
    • United States
    • New York New York Court of Appeals
    • April 13, 1944
    ...court. ( Ferris v. Sterling, 214 N.Y. 249; Buono v. Stewart Motor Trucks, Inc., 261 A.D. 1095; Page 293 Longley v. Coons, 244 A.D. 391, 268 N.Y. 712; Noble v. City of Palo Alto, 89 Cal.App. 47; Allen v. Ennis, 253 A.D. 769, 279 N.Y. 578; Shuba v. Greendonner, 271 N.Y. 189; Goodyear v. Brown......
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8 cases
  • 278 N.Y. 317, Brown v. Manufacturers Trust Co.
    • United States
    • New York New York Court of Appeals
    • July 7, 1938
    ...Oppenheimer v. Harriman Nat. Bank & Trust Co., 301 U.S. 206; Walden Nat. Bank v. Birch, 130 N.Y. 221; Longley v. Coons, 244 A.D. 391; 268 N.Y. 712.) The merger was not an anticipatory breach of contract entitling plaintiff to recover past payments. (Merry Realty Co. v. Shamokin & Ho......
  • 88 Misc.2d 27, Board of Ed. of Brookhaven-Comsewogue Union Free School Dist. v. Port Jefferson Station Teachers Ass'n
    • United States
    • August 10, 1976
    ...unlawful, it must be given the former construction if reasonable and permissible (Longley v. Coons, 244 A.D. 391, 280 N.Y.S. 17, aff'd, 268 N.Y. 712, 198 N.E. 571; Friedman v. State, 242 A.D. 314, 275 N.Y.S. 64, aff'd, 268 N.Y. 530, 198 N.E. 389). Every contract implies good faith and fair ......
  • 270 N.Y. 172, Bay Parkway Nat. Bank of Brooklyn in New York v. Shalom
    • United States
    • New York New York Court of Appeals
    • March 3, 1936
    ...Hurd v. Kelly, 78 N.Y. 588; Federal Reserve Bank v. Crothers, 289 F. 777; Sickles v. Herold, 11 Misc. 583; Longley v. Coons, 244 A.D. 391; 268 N.Y. 712.) George A. Ferris and Bartholomew A. Moynahan for respondent. Defendant was not estopped from pleading Page 174 and proving want of consid......
  • 292 N.Y. 292, Reese v. Reamore
    • United States
    • New York New York Court of Appeals
    • April 13, 1944
    ...court. ( Ferris v. Sterling, 214 N.Y. 249; Buono v. Stewart Motor Trucks, Inc., 261 A.D. 1095; Page 293 Longley v. Coons, 244 A.D. 391, 268 N.Y. 712; Noble v. City of Palo Alto, 89 Cal.App. 47; Allen v. Ennis, 253 A.D. 769, 279 N.Y. 578; Shuba v. Greendonner, 271 N.Y. 189; Goodyear v. Brown......
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