Wm. H. Chaffe & Co. v. Purdy
Supreme Court of Louisiana
APPEAL from the Eighth District'■Court, Parish of East Carroll. Montgomery, J. 1. When a debtor agrees to pay a.certain sum at a speeilied time, less the amount which pledged collaterals may realize, the creditor may as pledgee take legal steps to enforce the payment of the securities, but he is under no legal obligation to do so in tlie absence of any special understanding for that purpose.
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APPEAL from the Eighth District'■Court, Parish of East Carroll. Montgomery, J. 1. When a debtor agrees to pay a.certain sum at a speeilied time, less the amount which pledged collaterals may realize, the creditor may as pledgee take legal steps to enforce the payment of the securities, but he is under no legal obligation to do so in tlie absence of any special understanding for that purpose. His failure to act can not be opposed to him when maturity haying arrived he seeks payment of his claim. And, generally speaking, the pledgee of collateral paper is justified in taking measures to recover…
1Opinion of the Court
The opinion of the court was delivered by
Breaux, J.
Plaintiffs, owners of all the assets of John Chaffe & Sons, former owners, instituted this suit against the defendant to recover of him a balance, alleged to be due on three notes, the face value of which aggregate an amount of §2700 in principal, dated 6th September, 1882, and bearing 8 per cent, interest from March 1, 1882. These notes show certain credits endorsed, the correctness of which is denied.
The defendant in his answer denies the 'allegations of the petition and only admits the execution of the notes sued on.
He contends that he is…
2Cited by4 opinions
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- Harvey v. American Employers InsuranceDistrict Court, E.D. Louisiana · 1956
- Kottemann v. Audubon Home-Stead Ass'nLouisiana Court of Appeal · 1937
- Scott v. First National Bank of TulsaCourt Of Appeals Of Indian Territory · 1904