Way v. Smith
Massachusetts Supreme Judicial Court
Contract. The first count was against F. B. Smith, as maker, and the second count was against Francis O. J. Smith, as indorser, of the following promissory note, made by F. B. Smith, and indorsed by Francis 0. J. Smith : “ $11,472.74. Boston, June 3,1870. Four months after date, at any bank in Boston, I promise to pay to Francis O. J. Smith, or order, eleven thousand four hundred and seventy-two dollars f-f-, for value received, and if not paid at maturity, will ply interest…
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Contract. The first count was against F. B. Smith, as maker, and the second count was against Francis O. J. Smith, as indorser, of the following promissory note, made by F. B. Smith, and indorsed by Francis 0. J. Smith : “ $11,472.74. Boston, June 3,1870. Four months after date, at any bank in Boston, I promise to pay to Francis O. J. Smith, or order, eleven thousand four hundred and seventy-two dollars f-f-, for value received, and if not paid at maturity, will ply interest on the same at the rate of three per cent, per month until paid, I having deposited with this obligation, as collateral…
1Opinion of the CourtMorton, J.
The only question presented by this report is whether the instrument declared on is a negotiable promissory note. Without considering the other points discussed by counsel, the instrument contains one feature which is decisive of this question. It provides that “ it is agreed that this note may be paid at any time before maturity, and that interest at the rate of eighteen per cent, per annum shall be deducted' till due.” This stipulation gives the maker the right to pay the note at any time before its maturity at his option, and such payment would discharge his contract. It renders the…
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