Henry v. Conley
Supreme Court of Arkansas
APPEAL from Benton Circuit Court. Hon. J. M. Pittman, Judge. A higher security taken from the debtor himself extinguishes the original contract. But this was only a presumption of payment, and might be rebutted by evidence that the new security was absolutely void for fraud. 8 Ark.., 213; 28 ib., 66; 9 ib., 339; Chitty on Bills, Iff3; Chalmer’s Dig., 281; Iff Mich., 29; 131 Mass., Jff7; 78 Ind., 54; 4 Mo.
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APPEAL from Benton Circuit Court. Hon. J. M. Pittman, Judge. A higher security taken from the debtor himself extinguishes the original contract. But this was only a presumption of payment, and might be rebutted by evidence that the new security was absolutely void for fraud. 8 Ark.., 213; 28 ib., 66; 9 ib., 339; Chitty on Bills, Iff3; Chalmer’s Dig., 281; Iff Mich., 29; 131 Mass., Jff7; 78 Ind., 54; 4 Mo. App., 94; 68 Ind,., 254 ; 7 Wait’s Ac. and Def., 409. Conley’s remedy was on the drafts. The acceptance of the drafts of McReynolds by Conley, and the surrender and cancellation of the note…
1Opinion of the CourtSmith, J.
Henry, Woods and McReynolds borrowed from Conley $2400, giving their joint and several promissory note, payable January 1,1885. Before maturity of the note, the makers had provided money to pay it and some other debts due by them. This money was put into McReynolds’ bank as a general deposit, and was mingled with the other funds of the bank.
On January 3, 1585, Conley presented the note for payment to McReynolds. After conversation, Conley concluded to take the interest in cash, and St. Louis exchange for the principal. McReynolds accordingly paid the interest, and gave.Conley two checks on…
2Cases cited8 opinions
- Jagger Iron Co. v. . WalkerNew York Court of Appeals · 1879
- Olcott v. RathboneNew York Supreme Court · 1830
- Heartt v. RhodesIllinois Supreme Court · 1872
- People v. HowellNew York Supreme Court · 1809
- Turner v. Bank of Fox LakeNew York Court of Appeals · 1867
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3Cited by13 opinions
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- AKAMINE & SONS v. Hawaii Nat. Bank, HonoluluHawaii Supreme Court · 1972
- Sharp v. FlemingSupreme Court of Arkansas · 1905
- Cowen v. Indianapolis Life Insurance Co.Supreme Court of Florida · 1934
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