Hughitt v. Johnson

Brewer, J.,

(orally.) The first question presented is -whether a note in form negotiable is rendered non-negotiable by the addition, at its close, of this stipulation: “We do hereby relinquish and waive the benefit of all laws exempting real and personal property from levy and sale.” In the absence of any statute of the state prescribing the effect of such a stipulation, it is merely a question of general commercial law, in which federal courts follow their own opinions, rather than necessarily the decisions of the state courts. That stipulation is one which does not affect the time or amount…