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THE MUSIC TRADE REVIEW.
R£C£NT UEGAU
JJECISIONS.
CORPORATIONS—LIABILITY OF STOCKHOLDERS
—AMENDMENT OP STATUTE.
Under 3 Rev. St. (8th Ed.) p. 1958, §19, pro-
viding that the legislature may alter or repeal
the act authorizing the incorporation of manu-
facturing companies, or annul or repeal any
incorporation formed or created thereunder, the
legislature may impose a liability on a stock-
holder for debts of the company, though by
the act under which the company was formed
he was expressly exempted from such liability.
—Close v. Noye, Supreme Court oj New York,
1893.
ASSIGNMENT FOR BENEFIT OF CREDITORS—
VALIDITY—PREFERENCES—USURIOUS DEBT.
Where in an action to set aside an assignment
for the benefit of creditors on the ground that
preferences had been made for a creditor to
whom the assignor had agreed to pay a usuri-
ous rate of interest, it clearly appears from the
assignment that the assignor intended to prefer
such creditor only to an amount purged of all
usurious interest, the fact that a mistake was
made in the computation of such amount will
not invalidate the assignment.—H. Welter
Manufacturing Co. v. Dinkins et al., Supreme
Court 0/Minnesota, May, 1893.
NEGOTIABLE INSTRUMENTS—INDORSER—PRE-
SENTMENT AND DEMAND.
1. The right of an indorser to an actual pre-
sentment of the note when payment is de-
manded is waived where he fails to ask for it,
and declines to pay it on other grounds than
non-presentment.
2. Presentment of a note at the bank where it
is payable, during banking hours, is not neces-
sary where the bank has ceased to do business
when the note falls due, and a personal demand
for payment is made on the indorser.
3. A notary public exercises sufficient dili-
gence to hold an indorser on a note by proceed-
ing to the indorser's office at 5.30 P.M., on the
day the note falls due, to demand payment, and
finding the office closed, by carrying the note
to the endorser's residence, which was also
closed.— Waring et al. v. Betts, Supreme Court
of Appeals, of Virginia, June 15th, 1893.
SALE BY CORPORATION—ACTION FOR PRICE BY
STOCKHOLDERS.
Stockholders of a corporation cannot sue in
their own name to recover goods sold by the
corporation.
The interest which the stockholders of a
corporation have in the proceeds of such goods
is not such as to make them real parties in in-
terest, so as to entitle them to bring such suit.
—Cutshaw et al. v. Fargo et. al., Court of Appeals
of Indiana, fune 6th, 1893.
JUDGMENT LIEN—PRIORITY OVER UNRECORDED
DEED.
creditors whose rights have attached before it
was recorded.—Robinson et al. v. Commercial and
Farmers' Bank et al., Supreme Court of Appeals
of Virginia, June 15th, 1893.
•'THE HIGHEST TYPE."
STSCK
HANDS
PARTNERSHIP—INSOLVENCY—SALE OF
ASSETS—HONA FIDE PURCHASERS.
Code §2,874 providing that no sale of the
property of a limited partnership, or of any in-
terest therein, shall be valid if made by the
partnership, or by any partner, at a time when
he or it has not sufficient property to pay
debts, for the purpose of preferring creditors,
etc., does not effect a bona fide purchaser living
in a distant state, who takes property standing
in the name of the partner, without knowledge
of any partnership, or that the assets of a part-
nership have been employed in buying or im-
proving it.—State Bank of ] 'irginia v. Blan-
chard et al., Supreme Court of Appeals of Vir-
ginia, June 15th, 1893.
DRAFTS.
MANUFACTUKED BY
Drafts are not payment until they themselves
are paid, there being no evidence that they
were taken expressly in payment.- Stewart
Paper Manufacturing Co. v. Rank, Supreme
Court of Georgia, May 29th, 1893.
DISCOVERY—EXAMINATION OF DEFENDANT'S
BOOKS.
171 AND 173 SO. CANAL STREET,
CHICAGO.
THE
Sterling Company,
In an action to set aside a chattel mortgage
and a preference in an assignment for benefit of
creditors of one of defendants, where the sup-
plemental petition for discovery alleges that by
an examination of defendant's books it would
appear that the indebtedness secured by such
instruments was fictitious, and that the as-
signee refuses to allow plaintiffs to make such
examination, the assignee will be ordered to
produce the books for examination.—Bundschu
et al. v. Simon et al. Supreme Court of New
York, 1893.
THE San Francisco Report says: August
Reicher, son of a Berlin manufacturer of musi-
cal instruments, came hither a year ago and be-
gan repairing instruments and playing in
orchestras. A few days ago he disappeared,
leaving his family at 824 Jersey street. The
Pacific Music Company, Professor Goffrie, Her-
man Brandt, E. Stanton and the leader of
Ritzau's Band are losers by his sudden depart-
ure, for he has taken valuable instruments with
him.
MR. SAMUEL THURSTON, the well known
musician and piano dealer, of this city, is miss-
ing. He was last seen near Berlin, N. H. He
was visiting his sister, Mrs. Richardson, in
Gilead, and left there Tuesday for Gorham, N.
H., intending to return to Portland, the follow-
MANUFACTURERS OF
ing day. It has since been learned that he was
driven to Berlin by a stable keeper named
Chandler, who left Mr. Thurston at the Alpine
Cascade, a point of interest. It is feared that
Mr. Thurston is mentally deranged. He is
FACTORY :
about 70 years of age, has a full white beard,
DERBY, CONN.
and presents a very striking personal appear-
ance.
Any information concerning him will
It is admitted by all that no piano ever put upon the
be
gladly
received by his family. Address com-
market has met with such success as THE STERLING
munications
to Mrs. Samuel Thurston, 53 Monu-
and thousands will testify to their superiority of work-
ment street.—Portland, Me., Press, July 26th.
Pianos and Organs,
A judgment creditor, whose judgment has
been duly docketed, and who has brought suit
to enforce the lien on the judgment debtor's
hand, is entitled to priority over a grantee of the
judgment debtor, claiming under a deed not re- manship and durability. Why ? Because ihey are made
corded until after the commencement of the just as perfect as a piano can be made.
suit, and after the expiration of twenty months
THE STERLING ORGAN has always taken the lead, and
from its execution and acknowledgment; since the improvements made this \ear puts it far ahead oi
such a deed is void, under code, § 2,465, as to
all otheis. ftSTSend for Catalogue.
Halleti Davis Pianos
" I can't imagine why a musical critic like
you should applaud such a long and wearisome
performance as that." " It's out of gratitude
that the thing is finished. Bravo, bravo ! "
GRAND, SQUARE AND UPRIGHT.
Indorsed by Liszt, Gottschalk, Wehli, Bendel, Straus, Soro, Abt,
Paulus, Titiens. Heilbron and Germany's Greatest Masters.
Established over Half a Century.
BOSTON. MASS.