Case Name: Spearing & Co. v. Succession of J. W. Zacharie
Court: Louisiana Supreme Court
Jurisdiction: Louisiana
Decision Date: 1874-05
Citations: 26 La. Ann. 496
Docket Number: No. 3405
Parties: Spearing & Co. v. Succession of J. W. Zacharie.
Judges: 
Reporter: Louisiana Annual Reports
Volume: 26
Pages: 496–496

Head Matter:
No. 3405.
Spearing & Co. v. Succession of J. W. Zacharie.
The plea of prescription is set up against the suit of plaintiffs based upon the following instrument: “hTew Orleans, June 3, 1862. Due Messrs. Spearing & Co. six thousand dollars in current funds, subject to their draft or drafts, at not less than sixty days after sight.”
This instrument is virtually an unconditional promise to pay a specific sum in current funds sixty days after demand. It contains substantially the elements of a promissory note. Therefore the action is barred by the prescription of five years,
Appeal from the Second District Court, parish of Orleans. Btmigneaud, J.
Ruddeelcee & Upton, for plaintiffs and appellants. James Lmgam, for defendant and appellee.

Opinion:
Wyly, J.
This suit is based on the following instrument:
"New Orleans, June 3, 1862.
"Due Messrs. Spearing & Co. six thousand dollars in current funds, subject to their draft or drafts at not less than sixty days after sight.
"J. W. ZACHARIE,
$6000. " pp. Robert Jump."
The court sustained the plea of prescription of five years and dismissed the suit. The plaintiffs appeal. The question is, is the above instrument a promissory note 9 If so, the action is barred by prescription. It is an acknowledgment of an indebtedness of a specific sum, subject to (or payable), on payee's draft or drafts, at not less than sixty days after sight. It is virtually an unconditional promise to pay a specific sum in current funds sixty days after demand.
In our opinion it contains substantially the elements of a promissory note. 22 An. 28; Parsons on Notes and Bills, chapter 2, pages 23-24.
It is therefore ordered that the judgment herein be affirmed with costs.