Edward P. Allis Co. v. Madison Electric Light, Heat & Power Co.

Citations

• 9 S.D. 459
• 70 N.W. 650
• 1897 S.D. LEXIS 99

Syllabus

<p>1. The denial of motions to set aside a referee’s findings, and for a new trial, is such an acceptance of the findings as will support a judgment, under Laws 1891, Chap. 100, Sec. 9, providing that, if the referee’s report is accepted, judgment may be entered thereon.</p> <p>2. The phrase “bankable paper,” as used in a contract providing that notes to be given, due in 6, 12 and 18 months, respectively,, and drawing 7 per cent interest, should be bankable paper, means not discountable paper necessarily, but paper of such high credit that, if the time of payment was reasonable and the banks had loanable funds, it could be discounted.</p> <p>3.Notes of third person are “collateral security,” within Comp. Laws, Sec. 5168, providing that no person is entitled to a mechanic’s lien who takes collateral security in the same contract.</p>