People's Bank v. Cage
Supreme Court of Louisiana
APPEAL from fclie Nineteenth District Court, Parish of Terrebonne. Allen, J. 1.A restoration or an offer of restoration of the amount received on account» of the purchase price is an absolute condition precedent to an action to resolve a sale for nonpayment of price.
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APPEAL from fclie Nineteenth District Court, Parish of Terrebonne. Allen, J. 1.A restoration or an offer of restoration of the amount received on account» of the purchase price is an absolute condition precedent to an action to resolve a sale for nonpayment of price. This restoration or offer of restoration must be alleged and pioved by the plaintiff in the action as an indispensible preliminary to his suit and cannot be avoided by his attempting to show or by his showing, that the rents and revenues of the property are worth more than the amount he has received on account of the price.…
1Opinion of the Court
The opinion of tbe Court was delivered by
Fenner, J.
On January 7, 1876, t>be People’s Bank sold to Harry Cage certain immovable property for a price of $8000, of which $1000 was paid in cash and the rest was represented by six equal promissory notes, secured by mortgage aud vendor’s privilege, and falling due respectively in the years 1877 to 1882, both inclusive. All but the last two nqtes were paid.
In 1884, after their maturity, the bank transferred these two notes (which were payable to Cage’s own order and by him endorsed) to *140Gidiére, Day & Co., executing at the same time a notarial act…
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