Chatham National Bank v. Pratt

32 N.E. 236, 135 N.Y. 423, 48 N.Y. St. Rep. 478, 90 Sickels 423, 1892 N.Y. LEXIS 1636
CourtNew York Court of Appeals
DecidedOctober 11, 1892
StatusPublished
Cited by1 cases

This text of 32 N.E. 236 (Chatham National Bank v. Pratt) is published on Counsel Stack Legal Research, covering New York Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Chatham National Bank v. Pratt, 32 N.E. 236, 135 N.Y. 423, 48 N.Y. St. Rep. 478, 90 Sickels 423, 1892 N.Y. LEXIS 1636 (N.Y. 1892).

Opinion

*425 Beckham, J.

This action is brought on the following guaranty signed by the defendant:

“ New York, April 25, 1885.
“ For value received and for the purpose of giving William T. Pratt credit at the Chatham National Bank of New York, I hereby guaranty the collection of all checks, drafts and promissory notes upon which said William T. Pratt is now or hereafter shall be liable to said bank as maker, indorser, drawer or acceptor, to an amount not exceeding ten thousand dollars, hereby waiving demand and notice of non-payment thereof.
66 JAMES TI. PRATT.”

At the time when this guaranty was executed, there was in the possession of and owned by the plaintiff a promissory note made by the Keystone School and Church Furniture Company for ten thousand dollars, payable on demand to the order of William T. Pratt and indorsed by him and by a firm of Baker, Pratt & Co., and delivered to plaintiff. The noto was dated January 28, 1881, and had been discounted by plaintiff at the request of William T. Pratt. *

The guaranty was delivered by James II. Pratt at about the túne it bears date and while the promissory note above described was held and owned by plaintiff. The William T. Pratt above spoken of was a member of the firm of Baker, Pratt & Co., which firm was also largely indebted to the plaintiff at this time and so continued to be for some period subsequent to July, 1886. It is not material in our view to enter upon an examination of the subject of the indebtedness of this firm or to refer particularly to the guaranty against loss Avliich the plaintiff had for that indebtedness. This action is not brought upon any guaranty in connection Avith the firm indebtedness, but is brought solely by reason of the demand note above alluded to and because of its nonpayment by the indorser, William T. Pratt.

The plaintiff did not commence an action against William T. Pratt on that note until the 29th of November, 1886, more than a year and a half after the execution of the guaranty, and *426 obtained judgment against him April 15, 1887. Execution upon the judgment was issued upon the last-named day and returned wholly unsatisfied.

Did it proceed with due and reasonable diligence ?

As this guaranty was executed for the express purpose of giving William T. Pratt credit at the bank, and as it referred to notes upon which he was already hable, as well as those upon which he might thereafter become liable, we may assume that the guaranty was intended to be of some benefit to William as to liabilities already incurred, and that in order to hold the guarantor it was not necessary that plaintiif should at once commence legal proceedings to collect the amount of this ten thousand dollar note from William.

The period, however, which did elapse before any proceed ings were taken, if unexplained, went far beyond the utmost limit which a very liberal construction of the obligation of plaintiif would permit. The plaintiff endeavored to discharge the burden of explaining this long delay. The president of the bank was sworn as a witness upon the trial, and testified to an interview which he alleged he had with the defendant some time in the latter part of 1885, and in which he informed the defendant that the bank was taking no proceedings towards collecting the note in question, but was endeavoring to obtain from William and his firm payments on their indebtedness as fast as possible, and that it'would probably take a long time, and that it would be injudicious and unwise in the interest of the defendant, as well as the others, if the bank should do any more than was being done towards pressing payment. The president further testified that the defendant approved the course taken by the bank, and said it was the correct one and in the interest of all parties concerned. The defendant denied absolutely any such conversation, but Jin the light in which the ease was sent to the jury and of the verdict rendered, we must take it that this evidence of the president was adopted as the truth of the case.

During the following winter and spring (of 1886) the position continued about the same, the bank continuing to press *427 the claims against William and his firm, but not succeeding in obtaining payment so far as the demand note was concerned. At length it appeared that the bank itself recognized the fact that all reasonable time had elapsed in which efforts to obtain payment of this note other than by suit had expired. We entirely agree with that opinion. On the 17th day of July, 1886, fifteen months almost from the time when the guaranty was given, the president of the bank sent this letter to William T. Pratt:

“ Dear Sir — I am without any response to call made on you to pay your-loan of $10,000. Unless attended to to-day before 3 p. m. we shall notify the guarantor and proceed to measures for collection.
“ Respectfully,
“ U. it. HARD, Pt.”

It is not denied this letter referred to the demand note, and that the guarantor was the defendant. The indorser of the note, William T. Pratt, was in Hew York, and could have been served at any time with process. Hone was served upon him until Hovember twenty-nine following, and from plaintiff’s evidence it does not appear that Mr. Pratt took any special notice of the letter addressed to him by the president, although the latter says he undoubtedly saw William between July and September.

There is an absolute and total failure to furnish any reason or explanation for this omission to commence suit against William from July seventeen to Hovember twenty-nine. It was known, of course, that William was in financial difficulties and that he was not paying his liabilities punctually and as they matured. • The letter of the president above set forth shows that he then thought summary measures were needful to collect the note, yet no reason is given, no explanation vouchsafed for this strange and, under the circumstances, most unusual and improper delay.

After process was at length served on William, an answer was interposed for his co-defendant by an attorney on the 7tli of January, 1887. From that time until April eighth not *428 a step appears to have been, taken, but on that day the attorney for the plaintiff awoke to the fact that the answer was frivolous, and, therefore, noticed a motion for judgment, and before the motion was heard the answer was withdrawn, and on the same day, April 15, 1887, judgment was entered. Nine months were thus consumed after the plaintiff, by its own admission, assumed there was a necessity for legal proceedings, in obtaining judgment upon a promissory note to which there was no defense, four months before the commencement of the action and nearly five months thereafter. No explanation or excuse is even suggested for this omission to make any move in the suit after the service of the answer, January seventh, until April 8, 1887.

A frivolous answer has been stated to be one which upon mere inspection and without argument the court can see sets up no defense.

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Bluebook (online)
32 N.E. 236, 135 N.Y. 423, 48 N.Y. St. Rep. 478, 90 Sickels 423, 1892 N.Y. LEXIS 1636, Counsel Stack Legal Research, https://law.counselstack.com/opinion/chatham-national-bank-v-pratt-ny-1892.