Wadlington v. Covert
Mississippi Supreme Court
Error to tbe Circuit Court of Yazoo County. Hon. W. B. Cunningham, Judge. The first count of the declaration is on an open account of Covert, defendant in error, against W. J. Wadlington, one of the plaintiffs in error, for $312.18, due on December 31, 1867, for .■goods sold and delivered.
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Error to tbe Circuit Court of Yazoo County. Hon. W. B. Cunningham, Judge. The first count of the declaration is on an open account of Covert, defendant in error, against W. J. Wadlington, one of the plaintiffs in error, for $312.18, due on December 31, 1867, for .■goods sold and delivered. The second count is on a sight draft for $315, drawn by W. J. Wadlington, acting for himself and W. E. Wadlington, in favor -of Covert, on J. J. Michie & Co., of New Orleans, dated February 8, 1868, against twelve bales of cotton then attached by Michie & Co., as the property of the Wadlingtons, this draft,…
1Opinion of the CourtSimrall, J.
The acceptance of the negotiable note of a third person, for an antecedent debt, unless taken in payment and satisfaction, has no *634effect upon the rights and liabilities of parties to the original debt. Kemmil v. Wilson, 4 Wash. C. C., 308; Bank of Pennsylvania v. Potius, 10 Watts, 148.
If not received in payment it will be collateral security. Whether it will be treated as a security or as a conditional discharge, or in absolute payment, depends on the agreement and understanding of the parties, or the circumstances of the case. Herring v. Sanger, 3 Johns. Cas., 71; Chapman v. Steinmetz, 1…
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- Bank of Pennsylvania v. PotiusSupreme Court of Pennsylvania · 1840
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