Hays v. Bank of the State
Tennessee Supreme Court
The law presumes all persons who get accommodations from a hank cognizant of all the provisions of its charter, which provisions fix the law of the contract. A party, to entitle himself to a renewal of his note in the Bank of the State, must tender the interest on the sum to be renewed, in advance; if he do not, judgment may rightly he confessed, on the power of attorney which accompanies the note.
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The law presumes all persons who get accommodations from a hank cognizant of all the provisions of its charter, which provisions fix the law of the contract. A party, to entitle himself to a renewal of his note in the Bank of the State, must tender the interest on the sum to be renewed, in advance; if he do not, judgment may rightly he confessed, on the power of attorney which accompanies the note. The Act of 1801, c. 19, requiring that “ where a person has a bond, with power to confess a judgment, &c., before he shall do so, he shall give the debtor ten days’ notice," &c., does not apply to…
1Opinion of the CourtPece, J.
The errors assigned will be noticed in their order. And first, was it a prerequisite to taking the judgment that ten days’ notice should have been given ?
These proceedings were had, by virtue of the Act of 1820, ch. 7, § 10, incorporating the Bank of the State of Tennessee. The section referred to provides that “ said bank shall discount bills of exchange and notes, with two or more good securities, who shall be jointly and severally bound; and shall have power to make loans to citizens of this State, in the natuie of discounts, on real or personal property, secured by mortgage, and power of…
2Cases cited1 opinion
- McArthur v. BrowderSupreme Court of the United States · 1819