Price v. Neal
Court of King’s Bench
97 Eng. Rep. 871 (1762)
John Price (plaintiff) agreed to pay any drafts, called bills of exchange, that Benjamin Sutton drew on Price. Sutton drew two drafts on Price, which were indorsed by several people before being acquired by Edward Neal (defendant). Neal presented the first draft to Price for payment, and Price paid the first draft. The second draft was presented by a third party to Price for acceptance. Price wrote, “Accepted, John Price,” on the draft and wrote an order to his bankers on the back of the draft to pay the draft when it was presented to the bankers for payment. The third party then indorsed the draft over to Neal. Neal obtained payment on the draft from Price’s bankers. Price later discovered that Sutton had never drawn or signed the drafts. Sutton’s name had been forged by an individual named Lee, who was later hanged for forgery. After learning of the forgery, Price brought a suit against Neal for the return of the payments on the drafts. The jury reached a verdict in favor of Price, subject to the court’s opinion.
Rule of Law
Holding and Reasoning (Mansfield, J.)
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