104 Ga. 403 | Ga. | 1898
The case of Savannah Cotton-Press Association v. MacIntyre, 92 Ga. 166, is the one more directlj' in point on this subject than any other. In that case MacIntyre was a cotton-factor and a commission merchant, and made a cash sale of thirteen bales of cotton to Green and delivered to him the cotton. On the day following the sale, demand for payment was made and paj^ment was refused. In the meantime Green had delivered the cotton to the Cotton-Press Association, whose business was that of compressing cotton, and had procured its receipt for the property. With this receipt he obtained from the Ocean Steam
In reference to the third ground of attack upon this statute, it is only necessary to state that if the law in question was valid and binding at the time the contract between Butt and ■the bank was entered into, it became part and parcel of the undertaking between them, and can not be said in any way to impair the obligation of that contract. Laws impairing obligations of contracts, which are obnoxious to the constitution of the United States, are laws which attempt to interfere with contracts existing at the time of their passage.
Judgment affirmed.