Farmers & Mechanics Bank v. Catlin

13 Vt. 39

Opinion

The opinion of the court was delivered by

Collamer, J.

Five days before the maturity of the bill, the defendant, the drawer, gave to the plaintiffs, the holders, a mortgage to secure the payment of this and other bills, four months afterwards. It has been often decided that the 1 legal effect of such a promise, at such a time, is a waiver of demand on the acceptor. It is presumed to have been made by the drawer, from a consciousness that he had no funds in the acceptor’s hands, and therefore a demand is useless. In such case, this showing satisfies the usual averments of demand and notice. Both these points were decided in Norton v. Lewis, 2 Conn. R. 478.

Judgment affirmed.