Talk:New Orleans Natational Banking Association v. Adams/Opinion of the Court
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| Edition: | New Orleans Natational Banking Association v. Adams, their promissory note of that date for $5,000, payable February 15, 1860, to the Bank of New Orleans, which afterwards, by virtue of the provisions of the 'act to provide a national currency,' etc, passed June 3, 1864, became a national bank under the name of the New Orleans National Banking Association Tucker Brothers, on the same day, executed three other notes for $5,000, one of them, payable to Godfrey Barnsley, falling due January 21, 1861 To secure these four notes the makers executed a mortgage on a certain plantation in La Fourche parish, Louisiana Two of the notes were paid, but those given to the Bank of New Orleans and Barnsley were not paid at maturity Thereupon the bank, having instituted a suit on the mortgage and the note held by it on June 11, 1867, obtained a decree of foreclosure against Tucker Brothers, by virtue of which, on September 7, 1867, the mortgaged property was sold by the sheriff to one Albert N Cummings for the price of $13,025, to satisfy said unpaid notes Cummings being unable to pay the purchase money, it was agreed between him and the parties entitled to the proceeds of the sale that he should have time; whereupon Cummings, on September 7, 1867, executed an agreement in writing, before J K Gourdain, a notary of the parish of La Fourche, in which he recited that he had not paid the purchase money of the plantation, and declared as follows: 'That he corresponded and compromised with the mortgage creditors hereinafter named, who agreed to give him time, without, however, impairing or novating the original claims, the right to enforce which they expressly reserved' Cummings, then, by this same agreement stipulated that out of the price of the plantation he would pay to one Gaubert the sum of $1,85110, on or before March 1, 1861, he holding the first privilege on a part of the plantation for that amount; to Barnsley the sum of $4,90440, on or before May 15, 1870; and to the Bank of New Orleans $6,26950, on or before May 1, 1870,-and that all these sums should bear interest at the rate of 8 per cent per annum after maturity till paid The agreement then further declared as follows: . |
| Source: | New Orleans Natational Banking Association v. Adams from http://bulk.resource.org/courts.gov/c/US/109 |
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