Scott v. Liddell
Supreme Court of Georgia
Complaint on note. Before Judge Yan Epps. City court of Atlanta. March term, 1895. On January 25, 1894, Scott sued Liddell on a promissory note dated May 12, 1890, payable to J. E. Walker or order, for $8,500, balance purchase price of certain land, due on or before ten years after date, with interest from [date], payable annually at the rate of sis per cent.’per annum, “principal to become due instanter on thirty days default in payment of any interest instalment.”
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Complaint on note. Before Judge Yan Epps. City court of Atlanta. March term, 1895. On January 25, 1894, Scott sued Liddell on a promissory note dated May 12, 1890, payable to J. E. Walker or order, for $8,500, balance purchase price of certain land, due on or before ten years after date, with interest from [date], payable annually at the rate of sis per cent.’per annum, “principal to become due instanter on thirty days default in payment of any interest instalment.” The note was endorsed in blank by Walker. It bore credits, signed by Walker, for the interest instalments to May 12, 1892. The…
1Opinion of the Court
Atkinson, Justice.
The official report states the facts.
1. The question as to whether the contract to pay the principal of a promissory note and the contract to pay interest thereon are so united as to be incapable of separate assignment and enforcement in the hands of separate holders, we are now for the first time in this State called upon' to determine:
"We know of no principle of law which is violated by such an arrangement, and can see no reason why it should not be allowed; While the contract to pay interest is dependent upon the contract to pay principal, it is also in a certain sense…
2Cases cited3 opinions
- Scott v. SaffoldSupreme Court of Georgia · 1867
- Guarantee Co. of North America v. East Rome Town Co.Supreme Court of Georgia · 1895
- Calhoun v. MarshallSupreme Court of Georgia · 1878
3Cited by5 opinions
- Alexander v. ChipsteadSupreme Court of Georgia · 1922
- Bond v. SullivanSupreme Court of Georgia · 1909
- Carlton v. Moultrie Banking Co.Supreme Court of Georgia · 1930
- Ashford v. TraylorCourt of Appeals of Georgia · 1931
- Lumpkin v. GreenleaSupreme Court of Georgia · 1913