Bordelon v. Coco

21 La. Ann. 671
Supreme Court of Louisiana·Decided September 15, 1869·No. No. 632·Published·Cited by 7 cases

Opinion

Taliaferro, J.

The defendant Coco, at a probate sale of succession property of the estate of Jean P. Bordelon, in February, 1863, became the purchaser of a lot of hogs at the price of five hundred dollars, and in conformity with the terms of sale executed with the other defendants two promissory notes each for one-half the price, and payable respectively in one and two years from the day of sale, with interest at eight per cent, per annum from maturity of each note. In 1866 the plaintiff, as administrator, brought suit to enforce payment of these notes, and the defendant set up in his answer that the stock purchased was not worth more than one hundred dollars in gold,- that Confederate money was the only currency used in this country, and that it was expected by all parties that these notes were to be paid in Confederate money, which was then worth only twenty cents on the dollar. 'The judge of the lower court gave judgment for $125 in gold, or its .equivalent in current funds, with interest, etc. From this judgment the plaintiff has appealed. There is error in the judgment, in this, that it recognizes the right of the parties to deal in and, consequently, give credit to an unlawful paper currency. It assumes that they contracted with especial reference to the discharge of the debt by the payment of this illicit paper issue, and thence proceeds to ascertain the value in gold, at the time of the contract, of five hundred dollars of that currency and finds the correlative value to be $125. This is not in express terms rendering [672] judgment for tlie payment of live liundred dollars in Confederate paper money, but it is in substance the same thing. If the parties contracted, the one to pay and the other to receive the debt in question in that issue, as the judge a quo by his judgment determines they did, the contract was null ab initio and the suit slioul 1 have been dismissed. This should have been done if such were found to bo the case; if not, judgment should have been rendered for the whole amount. Wo find ■no such array of facts in this record as leaves no reasonable doubt upon the mind that the parties contracted with reference to payment in the so-called Confederate money. There is nothing to warrant the conclusion that the administrator, acting as he did in a fiduciary capacity, agreed with the defendant to receive-payment in that currency. The terms of sale were fixed by the advice of a family -meeting, and they certainly gave no authority to the administrator to 'receive payment for the minors’ property in a worthless and constantly depreciating currency. If, as a witness stated, the administrator did on one occasion receive in payment a small sum under the cash limit, in paper of that character, it was at his own risk, as he was without authority to do so. There was no declaration made at the sale nor any intimation whatever given that the currency in question would be received in payment of the property of the succession. It may bo reasonably supposed that the parties acting in behalf of minor children looked through the vista of two years and saw in the distance the final explosion of the paper currency then in vogue, and in which oven then all conli-.dence was lost. One witness swore that in 1303 there was gold and silver in the country; that cotton was bought with gold, and that he refused to take Confederate money in payjpent of debts contracted before the war.

The defendant executed his two promissory notes in conformity with the terms of sale, and bound himself to pay five hundred dollars to the estate in one and two years. If he bound himself under the’ belief that he was to discharge his obligation by the payment of valueless currency he wronged himself. There is nothing we find in the record that justified him in that belief.

' It is therefore ordered, adjudged and decreed that the judgment of the District Court be annulled avoided and reversed. It is further ordered that the plaintiff have judgment against the defendants in solido for five hundred dollars with interest on one-half of that sum at eight per cent, per annum from the thirtieth day of March, A. D. 1801, and like rate of interest on the other half from the thirtieth day of March A. D. 1805. The defendants to pay all costs of suit.

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Bordelon v. Coco, 21 La. Ann. 671 (La. 1869).

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