A. Leschen & Sons Rope Co. v. Mayflower Gold Mining & Reduction Co.

Citations

• 173 F. 855
• 35 L.R.A.N.S. 1
• 1909 U.S. App. LEXIS 5112

Syllabus

<p>1. Payment (§ 37*) — By Noth — Acceptance op Debtor’s Note is Not Payment op His Debt.</p> <p>The acceptance by a creditor of a promissory note of his debtor for his antecedent debt does not extinguish it, unless the note is paid. It is a conditional, and not an absolute, payment.</p> <p>[Ed. Note. — For other cases, see Payment, Cent. Dig. §§ 70-77; Dec. Dig. § 17.*]</p> <p>2. Payment (§ 17*) —By Note — Agreement or Indubitable Intention of</p> <p>Creditor to Take Risk op the Note’s Payment Requisite to Extinquish Debt.</p> <p>A clear agreement by the creditor that he will take the risk of the payment of the note, and that the debt is discharged thereby, or an indubitable intention so to do,- is requisite to extinguish a debt by the taking of the debtor’s note.</p> <p>[Ed. Note. — For other casos, see Payment, Cent Dig. §§ 70-77; Dec. Dig. § 17.*J</p> <p>3. Payment (§ 17*) — Agreement That Debt is to be Paid or has been Paid</p> <p>by Note Means Conditionally, and Not Absolutely, Patd.</p> <p>An agreement that a debt shall be paid, or that it has been paid, by the note of the debtor, is a contract for an extension of time, and that the debt shall be paid, or has been paid, by the note on condition that the note is paid.</p> <p>[Ed. Note. — For other eases, see Payment, Cent. Dig. §§ 70-77; Dec. Dig. § 17.*]</p> <p>4. Payment (§ 67*) — By Note — Acceptance op Security Strengthens Pre-</p> <p>sumption That Payment is Conditional.</p> <p>A lieu, a title, or other security held for the payment of a debt strengthens the presumption that an agreement that a debt is to be paid, or lias been paid, by the note of a debtor, is subject to the condition that the note is subsequently paid.</p> <p>[Ed. Note. — For other cases, see Payment, Dec. Dig. § 67.*]</p> <p>5. Contracts (§ 147*) — Construction—Courts to Ascertain Intentions op Parties from Their Situation When Making Agreement.</p> <p>The court, so far as possible, should put itself in the place of the parties to the c