Gay v. Alter
Supreme Court of the United States
Appeal from the Circuit Court of the United States for the. District of. Louisiana. The controversy in this casé related to. the validity of certain judgments, and depended mainly upon the facts disclosed by the evidence. -In one case the judgment' creditor had agreed to accept $8,000. for a judgment of $11,000, and received $3,000 in - cash on' this agreement, and informally assigned the judgment to a friend of the judgment debtor for his benefit.
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Appeal from the Circuit Court of the United States for the. District of. Louisiana. The controversy in this casé related to. the validity of certain judgments, and depended mainly upon the facts disclosed by the evidence. -In one case the judgment' creditor had agreed to accept $8,000. for a judgment of $11,000, and received $3,000 in - cash on' this agreement, and informally assigned the judgment to a friend of the judgment debtor for his benefit. The subsequent'payments not being made as agreed, the judgment was assigned, to Gay; who had notice of the transaction, and he sought to recover…
1Opinion of the Court
lyr-R.. Justice Bradley,
after stating the. case, delivered the opinion of the court.
It is contended by the appellant that the contract whereby Ames agreed to sell his judgment' for $8,000, was a synallagmatic contract, which he had a right to rescind if the agreement of the other -party as to the payment of the purchase-money was .not performed. This is undoubtedly the'law ,of Louisiana ; but that law also requires that, if a party to a contract wisnes to rescind it for such a cause, he must return to •the other party what he has received, so as to put him' in the same situation- he was in…
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