Russell v. Turner
Court of Appeals of Georgia
Complaint; from city court of J efferson — Judge Stone. December 28, 1912. Turner sued L. C. Russell, as maker, and W\ H. Toole, as security, on a promissory note payable to the plaintiff. The defendants pleaded that the note was void because given in settlement of a contract between Lyle & Company and Russell for the sale of cotton futures.
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Complaint; from city court of J efferson — Judge Stone. December 28, 1912. Turner sued L. C. Russell, as maker, and W\ H. Toole, as security, on a promissory note payable to the plaintiff. The defendants pleaded that the note was void because given in settlement of a contract between Lyle & Company and Russell for the sale of cotton futures. It was contended that, the contract being illegal, without consideration, and of no binding force, the note sued on was tainted with the vice that rendered the original contract void, and was uncollectible, even if the holder took it for value and without…
1Opinion of the CourtEllis, J.
(After stating the foregoing facts.) The contract set out in this ease is for the sale of a specified number of bales of a certain grade of cotton, at Winder, Georgia, to be delivered “on the 1st to the 25th day of November, 1909,” at a fixed price. The contract recites a mutual obligation to sell and to buy, and a consideration of one dollar paid. If the contract stopped here, there could be no suspicion aroused by its perusal. If the seller failed to deliver, the buyer would have a cause of action against him, and the measure of his damages would be the difference between the market value…
2Cases cited12 opinions
- Forsyth Manufacturing Co. v. CastlenSupreme Court of Georgia · 1900
- Nathans v. ArkwrightSupreme Court of Georgia · 1880
- Southern Bell Telephone & Telegraph Co. v. HarrisSupreme Court of Georgia · 1903
- Cunningham v. National BankSupreme Court of Georgia · 1883
- Luke v. LivingstonCourt of Appeals of Georgia · 1911
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3Cited by3 opinions
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- Floding Inc. v. GunterCourt of Appeals of Georgia · 1927