8 Powell Powell v Greenleaf Currier.pdf

8 Powell Powell v Greenleaf Currier.pdf - Supreme Court of...

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Supreme Court of Vermont. May Term, 1932 Powell Powell v. Greenleaf Currier 104 Vt. 480 (Vt. 1932) 162 A. 377 Decided Oct 18, 1932 SLACK, J. This suit is to recover the balance due on two instruments in writing dated, respectively, July 6, 1922, and June 7, 1923. The instruments are alike in all respects except the date, and are of the following tenor: "$150.00 Newbury, Vt., (date) For and in consideration of a contract and agreement entered into this day with us by Arthur A. Bishop Co. of Boston, Mass., whereby we are entitled to the use of said company's system of collections we hereby, for value received, promise to pay to said Arthur A. Bishop Co., or order, at their office in Boston, Mass., the sum of one hundred fifty dollars, in twelve equal monthly payments of $12.50 each, the first monthly payment to be made upon the signing of this contract note, and the remaining eleven payments of $12.50 each to be made upon the same date of each succeeding month; provided, however, that upon the default on any one payment, the whole amount remaining then unpaid shall at once become due and payable, and we hereby acknowledge the receipt of a true copy of this entire agreement. Signature of agent } Client's signature and witness } Greenleaf Currier." C.J. White } The single question is whether these instruments are negotiable, so that plaintiffs can maintain this suit in their own names. An instrument to be negotiable must contain, among other things, an unconditional promise or order to pay a sum certain in money. G.L. 2871. An unqualified order or promise to pay is unconditional within the meaning of the statute "though coupled with * * * a statement of the transaction which gives rise to the instrument." G.L. 2873. Whether these instruments are negotiable must be determined from the language of the instruments themselves, unaided by an inspection of the extrinsic agreements to which they *482 refer. Utah Lake Irr. Co. v. Allen, 64 Utah, 511, 231 P. 818 , 37 A.L.R. 651 ; Paepcke v. Paine, 253 Mich. 636, 641 , 235 N.W. 871 , 75 A.L.R. 1205 ; Schmitter v. Simons, 101 N.Y. 554, 559 , 5 N.E. 452 , 54 A.R. 737 ; Waterbury-Wallace Co. v. Ivey, 99 Misc. 260 , 163 N.Y.S. 719 ; Continental Guaranty Corp. v. People's Bus Line, 1 W. Harr (Del.) 595, 117 A. 275. 482 It is the general rule that wherever a bill of exchange or promissory note contains a reference to some extrinsic contract in such a way as to make it subject to the terms of that contract, as distinguished from a reference importing merely that the extrinsic agreement was the origin of the transaction, or constitutes the consideration of the bill or note, the negotiability of the paper is destroyed. First National Bank in Salem v.
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  • Spring '16
  • Contract Law, Promissory note, Negotiable instrument, Greenleaf Currier, Powell Powell

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