Simpson Centenary College v. Tuttle
Supreme Court of Iowa
Appeal from Warren Circuit Court. Plaintiff sues on a promissory note, which is as follows: “ Endowment Note, Simpson Centenary College. “$500. Indianola, Iowa, July 21, 1869. “Within five years after date, I promise to pay Simpson Centenary College five hundred dollars, for value received, with eight per cent interest, payable semi-annually, at the office of the treasurer of said college, on the first day of January and July of each year. Martin Tuttle.”
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Appeal from Warren Circuit Court. Plaintiff sues on a promissory note, which is as follows: “ Endowment Note, Simpson Centenary College. “$500. Indianola, Iowa, July 21, 1869. “Within five years after date, I promise to pay Simpson Centenary College five hundred dollars, for value received, with eight per cent interest, payable semi-annually, at the office of the treasurer of said college, on the first day of January and July of each year. Martin Tuttle.” It is alleged that the whole amount is due, except that interest was paid up to January 1, 1879. There are no other allegations in the…
1Opinion of the CourtRothrock, J.
The note sued upon is still in the hands of the payee; and, notwithstanding the use of the words “value received,” the question of consideration is still open. In the ca -3 of Abbott v. Hendricks, 1 Man. & G. 791, the consideration recited was “for commissions due to the plaintiff for *599business transacted for tbe defendant.” The defendant was allowed to show that the note was given for services to loe thereafter rendered, and that there was failure of consideration because the services had not been rendered. It has long been a settled principle that, as between the maker and the payee of a…
2Cases cited2 opinions
- Fink v. CoxNew York Supreme Court · 1820
- Phelps v. PhelpsNew York Supreme Court · 1858
3Cited by18 opinions
- Johnson v. DodgenSupreme Court of Iowa · 1990
- Gilman v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1931
- Estate of Beatty v. Western College of ToledoIllinois Supreme Court · 1898
- Ricketts v. ScothornNebraska Supreme Court · 1898
- School District v. SheidleySupreme Court of Missouri · 1897
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