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Bland's Reports, Chancery Court 1809-1832
Volume 201, Page 341   View pdf image (33K)
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CHASE v. MANHARDT. 341

to sustain this position very great reliance has been placed upon a
numerous class of cases, which show, that in equity a purchaser
who takes, or has been let into possession and receives the rents
and profits shall be charged with interest, (c) But none of those
cases are like the one under consideration. Here it appears, that
the lessor, Chase, purchased an outstanding claim from the lessee
for which he paid $6000, down at that time, and stipulated to pay
$6000 more, six months after the delivery of certain papers relin-
quishing that claim. Shortly after which time he was let into the
receipt of the additional rent from the sub-tenant. It appears,
therefore, that he was let into that receipt, by reason of the first
payment. And, consequently, the second payment cannot be
affected in any manner whatever by that change; even supposing
it not to have been within the contemplation and purview of that
contract by which it was stipulated to be made. Hence this ques-^
tion about interest must rest altogether and exclusively upon that
contract, and upon that alone.

By this contract Chase was to give his negotiable notes payable
six months after the delivery of the papers. All negotiable notes
carry interest from the day they fall due. To this general rule
there are few if any exceptions. Had not the attachment been
interposed, it is to be presumed that this contract would have been
fulfilled by each of the parties exactly, according to its terms. If
so, the papers would have been delivered to Chase on the 17th of
July 1812, and he would have then given his negotiable notes
payable six months thereafter, which would have borne interest
when they fell due, and not before. The attachment did not alter
Chase's contract, or place him in any worse condition, than he
would have stood before; it only commanded him to pay Manhardt
instead of Bryden; and, although it obliged him to pay all, prin-
cipal and interest, it could not compel him to pay sooner, or to pay
more than he stipulated to pay Bryden. It is an established prin-
ciple, that where goods are sold to be paid for by a bill of exchange,
and the purchaser neglects to give the bill, the vendor is entitled
to interest from the time the bill if given would have become
due.(d) This covenant " to give good negotiable notes,1' in effect
then, amounts to an express stipulation to pay interest from the

(c) Sug. Vend. & Pur. 354; 1 Mad. Chan. 441.—(d) De Bernales v. Fuller,
2 Camp. 428, note; Porter v. Palsgrave, 2 Camp. 472; Boyce 9. Warburton,
2 Camp. 480

 

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Bland's Reports, Chancery Court 1809-1832
Volume 201, Page 341   View pdf image (33K)
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