147 Year Old Promissory Note
People often have a friend sign a promissory note when they help them out in buying something that is rather expensive. Promissory notes usually play a big role in court, because they are a sort of contract. However — what happens when a promissory note from 1861 is surfaced?
The financially-strapped city of Tampa, in need of ammunition during the Civil War, issued the note to Thomas Pugh Kennedy on June 21, 1861, the St. Petersburg Times reported Sunday. Kennedy’s great-granddaughter, Joan Kennedy Biddle and her family are suing to collect the payment, plus 8 percent annual interest. (link)
Interesting issue that I think will hold in court. No matter how long ago the note was issued — a promissory note is a promissory note.
Justin
Tags: History, lawsuit, Money, Payment
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April 7th, 2008 at 8:52 am
That is so interesting! I wonder if the court will uphold the note? In my experience, I have always had promissory notes witnessed by a Notary Public. For some helpful information on witnessing of signatures, see Toronto Notary Public Discusses Witnessing Signatures