Farmers & Merchants Bank v. Rogers

1. “Although, under our statute and the general rule, ‘bank cheeks and promissory notes are not payment until themselves paid’ (Code, § 20-1004), they nevertheless constitute payment if the creditor has agreed to accept or has received them as such.” Nash Motors Co. v. Harrison Co., 52 Ga. App. 333, 335 (183 S. E. 202), and cit. Where, after the execution of a promissory note, a renewal or new note is executed for the same debt, it is the general rule that the second instrument does not of itself operate as a payment, or accord and satisfaction, or novation extinguishing the first note,…