State Nat. Bank v. Cudahy Packing Co.

Citations

• 126 F. 543
• 1904 U.S. App. LEXIS 4577

Syllabus

<p>1. Bills and Notes — Negotiability—Federal Courts — Following State Laws.</p> <p>The negotiability of a note is a question pertaining to the law mer- ■ chant, with regard to which federal courts are not bound by local decisions, unless predicated on a special statutory enactment defining the elements of a negotiable instrument.</p> <p>2. Same — Stipulations in Note.</p> <p>Where a note was executed in Missouri, the fact that it provided that it should be paid at the office of the payees in Kansas City, Mo., did not render the note subject to the rulings of the Missouri courts as to its negotiability in an action thereon in the federal courts sitting in Missouri, in the absence of express legislation limiting the negotiability of such instruments.</p> <p>3. Same — Title Mortgages — 1Transfer—Stipulations.</p> <p>Where, in an action on a cattle note, it was agreed that plaintiff became the owner and holder for value of the note and mortgage, and on the back of the note was an indorsement that the mortgage securing it bore the amount of revenue stamps required by law duly canceled, which indorsement was signed by the payees, such stipulation and memorandum sufficiently indicated an intent to pass the mortgage as a part of the assignment of the note, without regard to the latter’s negotiability.</p> <p>4. Same — Chattel Mortgages — Animals—Description.</p> <p>A chattel mortgage on cattle, describing them as 300 head of native territory and Texas four and five year old steers, was not objectionable for failure to distinguish between the territory and Texas steers, it being proved that the only principal difference between the two classes was that generally Texas cattle had long horns, while territory cattle sometimes had long horns and sometimes not.</p> <p>5. Same.</p> <p>Where a chattel mortgage on cattle described them as 300 head of steers, “all branded P on the left hip and Pm on the left side,” in the mortgagor’s pasture, about 10 miles southwest of V., in the C