Parmelee v. . Thompson
New York Court of Appeals
Appeal from the judgment of the General Term, in the eight judicial district, affirming a judgment rendered at the Orleans County Circuit for the plaintiff. The action was upon a promissory note made by the defendant and two others, payable to the order of one Tracy.
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Appeal from the judgment of the General Term, in the eight judicial district, affirming a judgment rendered at the Orleans County Circuit for the plaintiff. The action was upon a promissory note made by the defendant and two others, payable to the order of one Tracy. After the maturity of the note, the plaintiff paid to the payee and holder the amount due thereon, and received from him the note, and on the trial testified that he paid the money on a purchase, and not in satisfaction of the note, and received the same as purchaser, and to collect for his own use. Evidence was given on the part…
1Opinion of the Court
Allen J.
It is competent for' the parties, by a parol agreement, to enlarge the time of performance of a simple contract, and the time of payment of the note in suit might have been extended by such agreement made upon a sufficient consideration. (Kea ting v. Price, 1 Johns. Ca., 22; Miller v. Holbrooks, 1 Wend. R., 317.) But a promise to extend the time of payment, unless founded on a good consideration, is void. A payment of a part of the debt, or the interest already accrued, or promise to pay interest for the future, is not a sufficient consideration to support such promise. (Reynolds v.…
2Cases cited1 opinion
- Kellogg v. . OlmstedNew York Court of Appeals · 1862
3Cited by35 opinions
- Olmstead v. . LatimerNew York Court of Appeals · 1899
- National Citizens' Bank v. . ToplitzNew York Court of Appeals · 1904
- Ayres v. C., R. I. & P. R.Supreme Court of Iowa · 1879
- Federal Deposit Insurance v. HyerAppellate Division of the Supreme Court of the State of New York · 1979
- Slottow v. Hull Investment Co.Supreme Court of Florida · 1930
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