Ferraud v. Claiborne
Ferraud v. Claiborne
Opinion of the Court
This suit is brought on two notes, one for #228, and the other for #78, subscribed by one H. Droz, in payment of real estate, and which the defendant assumed to pay to the plaintiff, having since purchased the property from Droz. In the sale to the latter it had been stipulated, that these notes should remain deposited in the hands of the notary who passed the act, until the vendor should show that he had cancelled a previous mortgage existing on the property; and it was further stipulated that, in case of non-payment, they should bear interest at the rate of ten per cent per annum, from their maturity until paid. The notes having been lodged for collection by the notary in the Consolidated Bank, were both protested for non-payment, the first on the 2d of October, 1837, and the other on the 31st of March, 1838. The defendant says that he has always been ready and willing to pay the capital of the notes sued for, but that he is not bound to pay any interest, or costs of protest, as he was not liable to pay the notes until the mortgage existing on the property sold to him was cancelled, and that said mortgage was raised only a few weeks previous to the institution of this suit, since which time he has offered to pay the principal of the debt claimed. There was a judgment below for the notes, but with interest only from the 25th of February, 1842, the date of the judicial demand. From this judgment the plaintiff has appealed, and asks that it may be so
It is, therefore, ordered, that the judgment of the City Court be so amended as to bear interest, at the rate of ten per cent per annum, on $228 from the 2d of October, 1837, and a like interest on $78 from the 31st of March, 1838, until paid; and that it be affirmed in all other respects, with costs.
Reference
- Full Case Name
- Louis Ferraud, Agent, &c. v. William C. C. Claiborne
- Status
- Published