Pace v. . Robertson
Supreme Court of North Carolina
This was a civil action tried before Tourgee, <71, at Spring Term, 1871, of Chatham Superior Court. The action was brought upon a promissory note payable to T. S. Lutterloh for $699, negotiable and payable at the Branch Bank of Cape Pear in Fayetteville, at the Bank of Fayetteville, or at the Bank of Clarendon at the option of the holder, dated Feb. 26th, 1861, and payable eighty-eight days after date.
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This was a civil action tried before Tourgee, <71, at Spring Term, 1871, of Chatham Superior Court. The action was brought upon a promissory note payable to T. S. Lutterloh for $699, negotiable and payable at the Branch Bank of Cape Pear in Fayetteville, at the Bank of Fayetteville, or at the Bank of Clarendon at the option of the holder, dated Feb. 26th, 1861, and payable eighty-eight days after date. The summons in this case issued the 6th day of September, 1870, and a short time prior thereto, Lutterloh endorsed said ' note without recourse to the plaintiff for value. The note sued on was…
1Opinion of the CourtReade, J.
The single question necessary to be decided, is, whether Lutterloh was entitled to recover of the defendants,, more than the value of what he paid, as endorser, for them? We are of the opinion that he was not.
It was the privilege of the defendants, under an act of the Assembly to that effect, to pay off the note in bank, with the bills-of the bank; and Lutterloh deprived them of that privilege, by officiously paying off the note, in the depreciated bills of the bank, worth some five or six cents in the dollar.
To allow Lutterloh, or his assignee, the plaintiff, to recover' the full amount of…
2Cited by3 opinions
- Merchants Discount Co. v. Federal Street Corp.Massachusetts Supreme Judicial Court · 1938
- First & Citizens National Bank v. HintonSupreme Court of North Carolina · 1939
- Laber v. Gall ex rel. Mercury Indemnity Co.Court of Appeals for the D.C. Circuit · 1940