Farmer v. First National Bank
Supreme Court of Arkansas
Appeal from Union Chancery Court; B. O. Mahoney,' Chancellor; STATEMENT BY TI-IE COURT. Jesse M. Grubbs was indebted to appellee in a sum greater than one thousand dollars.
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Appeal from Union Chancery Court; B. O. Mahoney,' Chancellor; STATEMENT BY TI-IE COURT. Jesse M. Grubbs was indebted to appellee in a sum greater than one thousand dollars. The indebtedness was past due, and in consideration of an extension of the time of payment Grubbs transferred to the Hot Springs County Bank, which was after-wards merged into and became appellee, the following note: “$ 1,000. “On or before August the 1st, 1904,1 promise to pay to Jesse ■ M. Grubbs or order the sum of one -thousand dollars with ten per cent, interest from date until paid for value received of him. This…
1Opinion of the Court
Wood, J.,
(after stating the facts.) 1. The note in suit was a negotiable instrument. The general rule is that “it is essential to the negotiability of a note that it purport to be only for the payment of .money, for, if any other agreement of' a different character be engrafted upon it, it becomes a special contract clogged and involved with other matters and loses thereby-its character as a commercial instrument.” But the general rule is subject to the qualification that if the superadded agreement does not impair the certainty of the promise to pay the certain amount named but only…
2Cases cited5 opinions
- Towne v. RiceMassachusetts Supreme Judicial Court · 1877
- Brown v. Wyandotte & Southeastern Railway Co.Supreme Court of Arkansas · 1900
- Mooney v. TylerSupreme Court of Arkansas · 1900
- Letchworth v. VaughanSupreme Court of Arkansas · 1905
- Bank of Commerce v. WrightSupreme Court of Arkansas · 1897
3Cited by6 opinions
- Page v. FordOregon Supreme Court · 1913
- White-Wilson-Drew Co. v. EgelhoffSupreme Court of Arkansas · 1910
- Farmers' & Merchants' Bank v. DaviesSupreme Court of Louisiana · 1919
- Cunningham v. ToyeSupreme Court of Arkansas · 1911
- Exchange National Bank v. SteeleSupreme Court of Arkansas · 1913
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