Citizens' Trust Co. v. McDougald
Tennessee Supreme Court
FROM SHELBY. Appeal from the Chancery Court of Shelby County. —FitAircis Fentress, Judge.
1Opinion of the Court
Mr. Chef Justice Neil
delivered the opinion of the Court.
Bill-to recover on a promissory note of $15,000 executed by McDougald to the Pemiscot County Bank, of Pemiscot county, Mo. Judgment was rendered below in favor of the defendant, dismissing the. suit.
I. The judgment was correct. There was no consideration for the note. It is true that, under the Negotiable Instruments Law, contrary to the rule formerly prevailing in this State, a pre-existing debt may now stand for value; but this is not true where such pre-existing debt was worthless at the time, and the obligation of a third party.…
2Cases cited7 opinions
- Elgin City Banking Co. v. HallTennessee Supreme Court · 1907
- Paxson v. NieldsSupreme Court of Pennsylvania · 1891
- Schroeder v. FinkCourt of Appeals of Maryland · 1883
- Gilbert v. BrownCourt of Appeals of Kentucky · 1906
- Hardwick v. American Can Co.Tennessee Supreme Court · 1905
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3Cited by6 opinions
- State Ex Rel. Ludwick v. BryantSupreme Court of Kansas · 1985
- Crane & Co. v. HallTennessee Supreme Court · 1919
- Bradstreet v. CrosbieSupreme Court of Oklahoma · 1926
- Central National Bank v. WalterscheidMissouri Court of Appeals · 1920
- McConnell v. McCleish ThomasTennessee Supreme Court · 1929
1 more not listed; retrieve them via the Exa API.