Reed v. Stoddard
Massachusetts Supreme Judicial Court
Contract on a promissory note of the defendants, (copartners, doing business at Charleston, South Carolina, under the firm of E. B. Stoddard & Co.,) dated February 12, 1861, for $556.29, payable to the order of Lycurgus S. Jones, and by him indorsed in blank without recourse.
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Contract on a promissory note of the defendants, (copartners, doing business at Charleston, South Carolina, under the firm of E. B. Stoddard & Co.,) dated February 12, 1861, for $556.29, payable to the order of Lycurgus S. Jones, and by him indorsed in blank without recourse. Writ dated October 16, 1867. The answer set up an instrument in writing, dated May 30, 1865, and signed by the defendants, with Jonathan D. Wheeler and seventy-five others of their creditors, in the following terms: “ In consideration of the hereinafter mentioned agreement made to us by E. B. Stoddard & Co., of…
1Opinion of the CourtFoster, J.
The instrument relied upon, and pleaded, in defence of the present action, is an unsealed agreement, whereby the former holder of the note declared upon granted an extension of the time of payment thereof, of two years for one third, three years for an additional third ; and four years for the balance. The makers of the note, on their, part, agreed to pay the debt in full, within the period of this extension. The first instalment was not paid, when payable by the terms of this contract; after which, the holder of the note, who had executed this agreement, transferred it to the present…
2Cases cited1 opinion
- Upham v. SmithMassachusetts Supreme Judicial Court · 1811
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