National Bank v. Gary

Citations

• 18 S.C. 282
• 1882 S.C. LEXIS 133

Syllabus

<p>1. A note duly dated and signed by its maker, without seal, in words following : “On the first of November, 1877, 1 promise to pay to M. W. Gary, or order, without oflset, eight hundred and eighty-six dollars, for value received, with interest from date, interest after maturity at the rate of one per cent, per month, having deposited with said M. W. Gary, as collateral security, seven hundred and thirty-five dollars Greenville and Columbia railroad second mortgage coupons, past due. And in case this note shall not be paid when due, I hereby give the said M. W. Gary authority to sell the said security, or any part thereof, for my account, on the maturity of this note, or at any time thereafter, at public or private sale, at his discretion, without advertising the same, and to apply so much of the proceeds of said security to the payment of this note as may be necessary to pay the same, with all interest due thereon, and also the payment of all expenses attending the sale of the said security. If the net proceeds of the said security shall not cover the amount due on this note, I hold myself bound to pay the balance forthwith, after such sale, with interest at the rate of one per cent, per month,” is a promissory note, and negotiable.</p> <p>2. Semble. An endorsement, in blank, of a negotiable note renders the endorser liable to every subsequent holder; and in the absence of fraud or mistake, such liability cannot be affected by parol evidence.</p>