Logan County National Bank v. Barclay
Court of Appeals of Kentucky
Case 12 — ACTION ON NOTE APPEAL FROM WARBLE CIRCUIT COURT. 1. Payment by Operation of Law. — It is not the (possession of the equitable right to the proceeds, by one of the obligors, that satisfies a promissory note, hut the inability to maintain an action at law on the obligation that raises a presumption of its payment.
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Case 12 — ACTION ON NOTE APPEAL FROM WARBLE CIRCUIT COURT. 1. Payment by Operation of Law. — It is not the (possession of the equitable right to the proceeds, by one of the obligors, that satisfies a promissory note, hut the inability to maintain an action at law on the obligation that raises a presumption of its payment. Long,. &c., v. Bank of Cynthiana, 1 Littell, 290; Bridges v. Reed, 9 Bush, 329. This presumption only obtains when there has been an endorsement, and even when endorsed, such presumption may he overcome, by allegation and proof, showing it was not the intention of the…
1Opinion of the Court
JUDGE WHITE
ebliveeed the opinion oe the coukt.
In February, 1880, the appellee, J. W. Barclay, and one of the appellants, W. F. Barclay, executed a note to the Logan County National Bank, due four months after date, for $700. After the maturity of the note it was sold and. delivered to Ryan & Barclay, a firm composed of C. H. Ryan and W. F. Barclay, one of the obligors, and after-wards sold and delivered to H. Barclay Caldwell. The note seems to have passed without assignment, but by delivery merely, to Ryan & Barclay, but by this firm was-assigned by separate instrument to H. Barclay…
2Cases cited3 opinions
- Ponder v. LardCourt of Appeals of Kentucky · 1898
- Long v. Bank of CynthianaCourt of Appeals of Kentucky · 1822
- Williamson v. McGinnisCourt of Appeals of Kentucky · 1850
3Cited by13 opinions
- Fox v. Hudson's Extx.Court of Appeals of Kentucky · 1912
- Moore v. ShifflettCourt of Appeals of Kentucky · 1920
- Melton v. Pensacola Bank & Trust Co.Court of Appeals for the Sixth Circuit · 1911
- City Nat'l Bank of Paducah v. Ex. Bank MayfieldCourt of Appeals of Kentucky (pre-1976) · 1934
- Fornash v. AntrobusCourt of Appeals of Kentucky · 1918
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