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65 N.C. 550

Pace v. . Robertson

Supreme Court of North Carolina

Decided June 5, 1871

Supreme Court of North Carolina · decided 1871-06-05

This was a civil action tried before Tourgee, The action was brought upon a promissory note payable to T. S. Lutterloh for $699, negotiable and payable at the Branch Bank of Cape Pear in Fayetteville, at the Bank of Fayetteville, or at the Bank of Clarendon at the option of the holder, dated Feb. 26th, 1861, and payable eighty-eight days after date.

Cited by 2 later decisions — most recently January 1940

1 federal appellate · 1 state decisions

Good law ✅— No negative treatment on recordhow we know

Decided 1871-06-05

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Reade, J.

¶1 The single question necessary to be decided, is, whether Lutterloh was entitled to recover of the defendants,, more than the value of what he paid, as endorser, for them? We are of the opinion that he was not.

¶2 It was the privilege of the defendants, under an act of the Assembly to that effect, to pay off the note in bank, with the bills-of the bank; and Lutterloh deprived them of that privilege, by officiously paying off the note, in the depreciated bills of the bank, worth some five or six cents in the dollar.

¶3 To allow Lutterloh, or his assignee, the plaintiff, to recover' the full amount of the note in par funds, would be to allow a" surety to speculate upon the principal; for which, we know no-authority.

¶4 There is error.

¶5 Per Curiam. Venire de novo.

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