Akin v. Blanchard

New York Supreme Court

Akin v. Blanchard

32 Barb. 527, 1860 N.Y. App. Div. LEXIS 128

CourtNew York Supreme Court

DecidedMay 7, 1860

StatusPublished

Cited by2 cases

This text of 32 Barb. 527 (Akin v. Blanchard) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Akin v. Blanchard, 32 Barb. 527, 1860 N.Y. App. Div. LEXIS 128 (N.Y. Super. Ct. 1860).

Pincite

Opinion

By the Court,

Sutherland, J.

The judgment dismissing the complaint in this action should be reversed.

The plaintiff is a bona fide holder for value without notice, and within the exception to the 8th section of the statute.

A party dealing with a corporation is presumed to know the extent of its corporate powers; that is, he is bound to know the law; but he has a right to presume, in the absence of express notice to the contrary, that the corporation does its duty and acts within and according to its charter. These two legal propositions cover and determine all the questions in this case.

The plaintiff had a right to presume that the notes were •transferred in pursuance of a resolution of the board of directors, and he is therefore, as he paid value, a bona fide holder for value without notice.

Judgment reversed.

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