A. A. Paton & Co. v. Newman

Citations

• 51 La. Ann. 1428
• 26 So. 576
• 1899 La. LEXIS 582

Syllabus

<p>Syllabus.</p> <p>A cotton transaction under the rules of the New Orleans Cotton Exchange, between parties who are members of same, is governed by the provisions thereof; and by an agreement of contracting parties they Become an incident of such transaction and modify the principles of law applicable thereto.</p> <p>Under said rules, a contract for the sale of cotton is deemed final, when the price has been agreed npon between the seller and the buyer; and the delivery of same is considered to have been completed when it passes the scales. Tha buyer is bound to receive the cotton purchased within seven working days' from the day of sale; but, after demand has been made npon the press for de- : livery without avail, same remains at the risk of the seller, who is liable for the loss or deterioration sustained thereto By any fault of his, or by the happening of a fortuitous event.</p>