Chambers Roy & Co. v. Knapp

20 So. 677, 48 La. Ann. 1156, 1896 La. LEXIS 585

• Court: Supreme Court of Louisiana
• Decided: February 24, 1896
• Docket: No. 11,963
• Status: Published

Opinion

The opinion of the court was delivered by

Breaux, J.

The facts are similar to those in the case of A. Lehman & Co. vs. S. A. Knapp et als., ante, p. 1148, save that the plaintiffs held notes representing defendants’ indebtedness to them. The acceptance of a note is not deemed a payment or novation unless the parties so agree.

It follows that if a corporation becomes indebted at. a time when those who organized it are in default in not properly indicating, as-the State requires, that it is a company limited, they are liable personally and are not discharged by the fact that their creditors accepted their note.

The judgment is therefore affirmed.