Atkins v. Garrett
District Court, W.D. Louisiana
In Equity. Suit by J. W. Atkins against E. C. Garrett. This is a suit at law for the rescission of a contract of sale of 50 shares of stock of the Lenzburg-Oriditon Oil & Gas Company for nonpayment of the purchase price, represented by the note of the purchaser for $5,000, the payment of which was secured by the 50 shares of stock as collateral. A trial by jury was waived and the case submitted to the court.
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In Equity. Suit by J. W. Atkins against E. C. Garrett. This is a suit at law for the rescission of a contract of sale of 50 shares of stock of the Lenzburg-Oriditon Oil & Gas Company for nonpayment of the purchase price, represented by the note of the purchaser for $5,000, the payment of which was secured by the 50 shares of stock as collateral. A trial by jury was waived and the case submitted to the court. It appears from the admissions and the evidence adduced that on June 25, 1915, defendant, Garrett, who then lived at Mobile, Ala., by letter, purchased the stock in question from the…
1Opinion of the CourtJack, District Judge
(after stating the facts as above). The right of the plaintiff to demand the rescission of the sale of stock for nonpayment of the note given for the purchase price is based on article 2564 of the Civil Code of Louisiana, which provides that the dissolution of ihe sale of movable effects shall take place of right, if demanded, on nonpayment of the purchase price.
[ 1 ] I. It is contended by defendant that the plaintiff, having elected to file suit for judgment on the note, could not thereafter dismiss such suit and sue for rescission of the sale. Counsel argues that this suit on 1lte note was…
2Cases cited14 opinions
- Watson v. FeibelSupreme Court of Louisiana · 1916
- Johnson v. LevySupreme Court of Louisiana · 1907
- George v. KnoxSupreme Court of Louisiana · 1871
- Barron v. JacobsSupreme Court of Louisiana · 1886
- Heirs of Castle v. FloydSupreme Court of Louisiana · 1886
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