Spearing & Co. v. Succession of Zacharie
Also decided on this docket: La. Ct. App. 4th Cir., April 7, 1969 221 So. 2d 291; La. Ct. App. 1st Cir., May 28, 1971 250 So. 2d 239; La. Ct. App. 1st Cir., June 29, 1951 53 So. 2d 474; La. Ct. App. 1st Cir., March 12, 1929 120 So. 781
Spearing & Co. v. Succession of Zacharie, 26 La. Ann. 496 (1874).
Opinion text
Wyly, J. 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.