39 Mich. 182 | Mich. | 1878
Lead Opinion
The important question in this case relates to an alleged material alteration of a promissory note given January 10th, 1869, payable on or before the 15th day of October, 1870, with interest at the rate of' ten per cent by adding thereto the word “annually.”
Even if this word was added as claimed, it was not,, we think, a material alteration. If with this word added,
Had the note been made payable two or more years after date perhaps a different rule would apply, but upon such a question we express no opinion.
The judgment below must be reversed and a judgment rendered in this court upon the finding of the circuit court, for the sum of $1175.07 with costs of both courts.
Concurrence Opinion
(concurring). When commercial paper is payable with annual interest, the expression means with interest payable at the end of each year. If the paper is to mature in less than two years, the expression is a very unsuitable one to apply, and as has been shown by my brother Marston, if construed strictly, the interest for the fraction of the second year would not be payable when the principal was payable, but at the end of the year. I am inclined to think that in a note to run less
Concurrence Opinion
(concurring). I agree with my brother Marston in the result, but I wish to add a word or two. It appears from the case that the other note in suit, which was also made by defendants to plaintiff’s intestate, and at about the same time as that in question, was so framed as to provide in terms that the interest should not only be ten per cent., but at that rate per annum. Hence that instrument was shaped so as to contain a literal statement that the rate was by the year and not by a different” period.
The contested note as first written lacked this literal certainty, and notwithstanding the unimportance of the circumstance upon the legal effect of the paper, it seems to me the fact that the parties had so recently and in a like transaction, taken the precaution to put in an equivalent expression to denote that the rate of interest mentioned was by the year — not to signify the time for paying interest, — is one which helps to show that the word “annually” was added in the second note for the same purpose, and not to prescribe yearly payments. If so,- it concurs with the operation of the rule that when a paper is open to a construction implying wrong and also to one which does not, the latter should be adopted unless the surrounding facts against it are strong enough to prevent. Here such surrounding facts are not found.