Spearing & Co. v. Succession of Zacharie
This text of 26 La. Ann. 496 (Spearing & Co. v. Succession of Zacharie) is published on Counsel Stack Legal Research, covering Supreme Court of Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
This suit is based on the following instrument:
“New Orleans, June 3, 1862.
“Due Messrs. Spearing & Co. six thousand dollars in current funds, subject to their draft or drafts at not less than sixty days after sight.
“J. W. ZACHARIE,
$6000. “ pp. Robert Jump.”
The court sustained the plea of prescription of five years and dismissed the suit. The plaintiffs appeal. The question is, is the above instrument a promissory note 9 If so, the action is barred by prescription. It is an acknowledgment of an indebtedness of a specific sum, subject to (or payable), on payee’s draft or drafts, at not less than sixty days after sight. It is virtually an unconditional promise to pay a specific sum in current funds sixty days after demand.
In our opinion it contains substantially the elements of a promissory note. 22 An. 28; Parsons on Notes and Bills, chapter 2, pages 23-24.
It is therefore ordered that the judgment herein be affirmed with costs.
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26 La. Ann. 496, Counsel Stack Legal Research, https://law.counselstack.com/opinion/spearing-co-v-succession-of-zacharie-la-1874.