Ovett Land & Lumber Co. v. Wimberly

Citations

• 109 Miss. 601
• 68 So. 855

Syllabus

<p>1. Bills and Notes. Negotiable instruments. Trade cheeks.</p> <p>A trade check, reading, “Good for .one dollar in merchandise; void if transferred” is not within the law merchant, and cannot be classed, therefore, as negotiable.</p> <p>2. Same.</p> <p>Such checks are invalid as special contracts in the hands of a third party for the reasons: First, the payee or second party to the contract is not stated; and second, no consideration is expressed.</p> <p>3. Negotiable Instruments. Written assignments. ■ Right of action.</p> <p>A written assignment of a non-negotiable trade check is necessary. before a third party could invoke the aid of our anti-commercial statute giving the assignee of a non-negotiable instrument the right to maintain an action thereon.</p>