Perkins v. Lockwood
Massachusetts Supreme Judicial Court
Contract on a promissory note for $159.41, dated October 7, 1861, made by the defendants as copartners under the firm of Lockwood & Connell, payable to the plaintiff in nine months, and bearing the following indorsement signed by the plaintiff: 16 December 14, 1864. Received on the within note $10.38, being the first instalment towards $15.94, being ten per cent, of said note, which when paid is to be in full satisfaction and settlement of the within note, provided that no…
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Contract on a promissory note for $159.41, dated October 7, 1861, made by the defendants as copartners under the firm of Lockwood & Connell, payable to the plaintiff in nine months, and bearing the following indorsement signed by the plaintiff: 16 December 14, 1864. Received on the within note $10.38, being the first instalment towards $15.94, being ten per cent, of said note, which when paid is to be in full satisfaction and settlement of the within note, provided that no other creditor shall receive more than ten per cent, on his claim against Lockwood & Connell, and provided also that if…
1Opinion of the CourtWells, J.
An agreement to accept, in satisfaction and discharge of a liquidated debt, a sum less than the full amount due, *250is not valid, unless there exist some consideration to support it other than the payment or promise of the debtor to pay such less sum. Harriman v. Harrimcm, 12 Gray, 341. The note or collateral promise of another person will support the agreement. Brooks v. White, 2 Met. 283. For a like reason, when such an agreement forms part of a composition in which several creditors join, mutually stipulating to withdraw or withhold suits and that they will release to their common debtor a…
2Cases cited2 opinions
- Landrum v. Trowbridge, Dwight & Co.Court of Appeals of Kentucky · 1859
- Eaton v. LincolnMassachusetts Supreme Judicial Court · 1816
3Cited by29 opinions
- Tyler v. Odd Fellows' Mutual Relief Ass'nMassachusetts Supreme Judicial Court · 1887
- Hastings v. LovejoyMassachusetts Supreme Judicial Court · 1885
- Barnett v. RosenMassachusetts Supreme Judicial Court · 1920
- Lathrop v. KnappWisconsin Supreme Court · 1870
- Lipson v. AdelsonMassachusetts Appeals Court · 1983
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