Hegeler v. Comstock

Citations

• 1 S.D. 138
• 8 L.R.A. 393
• 45 N.W. 331
• 1890 S.D. LEXIS 19

Syllabus

<p>1. The term “negotiable instrument” has a definite signification in the law merchant, and the meaning of the term has not boon changed by the Code. A negotiable instrument is one that is simple, certain and unconditional.</p> <p>2. Certainty as to the payor and payee, the amount to be paid, and the terms of payment, is an essential quality of a negotiable promissory note, and that certainty must continue until 'the obligation is discharged.</p> <p>8. The following is a copy of a note held to bo non-negotiable: “On or before the 1st day of December, 1884, for value received, I or we, the undersigned, living 5 miles of Howard P. O., county of Miner, Territory of Dakota, promise to pay Marsh Binder Manufacturing Company or order one hundred dollars, at the Miner County Bank, in Howard, with interest from date until paid at the rate of ten per cent per annum, eight per cent if paid when due. The indorsors, signers, and guarantors severally waive presentment for payment, protest and notice of protest, and notice of non-payment of this note, and diligence in bringing suit against any party to this note, and securities agree that time of payment may be extended without notice or other consent. EDWIN W. Comstock.”</p> <p>(Syllabus by the court.</p>