Wilcox, Ives & Co. v. Rogers

The defendant was indebted to the plaintiffs on a promissory note given for the purchase-price of fertilizers. The note became due in the fall, and the plaintiffs sent their collecting agent to see the defendant and obtain payment. The defendant did not have the money to pay, but did have on hand 16 bales of cotton. He informed' the agent that he was willing to ship these 16 bales to the plaintiffs, in order that they might sell them and apply the proceeds on the note, provided they would honor his draft for $100, which he needed to pay his cotton-pickers. The agent agreed for the cotton to…