Brown v. Vossen
Missouri Court of Appeals
Appeal from Buchanan Circuit Court. — Hon. W. K. Amide, Special Judge. (1) The fact that a promissory note upon its face bears a usurious rate of interest does not render it nonnegotiable. Goodin v. Buhler, 57 Mo. App. 63; Gilbert & Eaton, Com. Paper, p. 200. (2) By the law merchant the test of negotiating was: (1) The note must contain a promise. (2) The promise must be unconditional. (3) It must be an absolute promise for the payment of money alone.
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Appeal from Buchanan Circuit Court. — Hon. W. K. Amide, Special Judge. (1) The fact that a promissory note upon its face bears a usurious rate of interest does not render it nonnegotiable. Goodin v. Buhler, 57 Mo. App. 63; Gilbert & Eaton, Com. Paper, p. 200. (2) By the law merchant the test of negotiating was: (1) The note must contain a promise. (2) The promise must be unconditional. (3) It must be an absolute promise for the payment of money alone. (4) The amount of money and its time of payment must be certain. (5) The note must be specific as to all parties. (6) It must be delivered.…
1Opinion of the CourtEllison, J.
This action was brought against an indorser of a promissory note in the following words:
“$500. Saint Joseph, Mo., April 9,1901.
“Three years from date we promise’to pay to the order of Emma Israel five hundred 00-100 dollars for value received, negotiable and payable without defalcation or discount and with interest from date at the rate of eight per cent per annum; and if interest be not paid semiannually to become as principal and bear the same rate of interest.” The judgment in the trial court was‘for the plaintiff.
*679It is contended by the defendant that the note is a negotiable instrument…
2Cases cited4 opinions
- Chouteau v. AllenSupreme Court of Missouri · 1879
- Altman v. RittershoferMichigan Supreme Court · 1888
- Hope v. BarkerSupreme Court of Missouri · 1892
- Hope v. BarkerMissouri Court of Appeals · 1891
3Cited by2 opinions
- Burns Mortgage Co. v. FriedSupreme Court of the United States · 1934
- Continental & Commercial Nat. Bank v. JeffersonSouth Dakota Supreme Court · 1927