Perkins v. President of the Franklin Bank
Massachusetts Supreme Judicial Court
This was assumpsit on the following post-note : “ The President, Directors and Company of the Franklin Bank promise to pay Heman Holmes, or bearer, one thousand dollars, in seven months, with interest, at the rate of four and one half per cent per annum until due, and no interest after. Boston, December 7th, 1836.” On the margin of the note were written the following words : “ Due, July 7, 1837.” The parties stated a case.
Read the full summary
This was assumpsit on the following post-note : “ The President, Directors and Company of the Franklin Bank promise to pay Heman Holmes, or bearer, one thousand dollars, in seven months, with interest, at the rate of four and one half per cent per annum until due, and no interest after. Boston, December 7th, 1836.” On the margin of the note were written the following words : “ Due, July 7, 1837.” The parties stated a case. The action was commenced on the 7th of July, 1837. At the trial the defendants contended, that grace should have been allowed on the note, and, therefore, that the action…
1Opinion of the Court
Shaw C. J.
delivered the opinion of the Court. The statute, we think, is too explicit to admit of doubt. Revised *485Stat. c. 33, § 5. It provides, that on all promissory negotiable notes payable at a future day certain, in which there is not an express stipulation to the contrary, grace shall be allowed. The statute refers to the custom of merchants, in regard to foreign bills of exchange, to determine what is grace. From that custom we know, that grace is an allowance of three days to the debtor, to make payment, beyond the time at which, by the terms of the note, it becomes due and payable.
It…
2Cited by1 opinion
- Standard v. ThurmondCourt of Appeals of Texas · 1912