Does section 47(3) of the New York State Code of Civil Procedure grant privileged communications?

The first case cited was Lewis and Herrick v. Chapman (1857) 16 N.Y. 369. A banker had received for collection from a mercantile house a note payable at the bank and drawn by plaintiffs. When the banker remitted payment for the note he informed the payee in a confidential letter that payment had been as an accommodation to the plaintiffs, suggesting that they had insufficient funds to pay the note. The court found the communication privileged on the ground that a banker entrusted by a creditor with the collection of the note has a privilege to inform the holder of the note of the inability of the maker to pay at maturity. (Id., at p. 375.) The common interest involved was private and pecuniary. No news report was involved and there was not even a question as to the public interest. ¹⁴

The other case cited by section 47(3)'s drafters was Thorn v. Moser (N.Y.Sup.Ct.1845) 1 Denio 488, in which the plaintiff sought to recover for statements by the payee of a check drawn by plaintiff charging him with forgery of the check. The court found no privilege on the facts of the case. Moreover, neither a news report nor the public interest were at issue.