Davis v. Brady

Citations

• 17 S.D. 511
• 97 N.W. 719
• 1903 S.D. LEXIS 84

Syllabus

<p>Rev. Civ. Code, §2236, allows three days of grace, excluding Sundays and holidays, on all notes, and section 2274 provides that a “promissory note” is an instrument negotiable in form, whereby the signer promises to pay a specified sum o£ money. Held, that where, from the terms of a note, it was doubtful whether overdue interest drew 10 per cent, per annum, payable annually, or 12 per cent, per year until paid, and. whether the amount of the note and the unpaid interest drew interest annually at 10 per cent, per annum, or whether the principal, augmented by installments of overdue and unpaid interest, drew interest at 12 per cent, until the entire amount was paid, the note was not negotiable in form, and therefore not entitled to grace.</p>