77 So. 144 | La. | 1917
In the month of February, 1912, defendant bought 17 mules, and, in representation of part of the purchase price thereof, it executed its note due December 12, 1912. Unable to take up its note at maturity, it then executed two other notes in renewal thereof, one for the sum of $1,379.35 due December 12, 1913, and the other for the sum of $1,383.24 due December 30, 1913. The holder and owner of the notes, who had sold the mules, transferred the notes by indorsement to the plaintiff bank, now suing to recover the amount thereof and for recognition of its vendor’s lien and privilege on the mules.
‘The defense of novation is not supp rted by the evidence. The Code defines “novation” as a contract, consisting of two stipulations ; one to extinguish an existing obligation, the other to substitute a new one in its place. C. C. 2185. Novation is never presumed. C. O. 2190.
Executing a new note in renewal of an old one does not novate the original debt or destroy the privilege securing the same. Davis v. Welch, 128 La. 792, 55 South. 372; Varnado v. Thompson, 129 La. 19, 55 South. 693.