St. Pasteur v. Wilson

• Court: Arkansas Supreme Court
• Writing for the Court: Smith
• Citation: St. Pasteur v. Wilson, 218 S.W. 843 (Ark. 1920)
• Decision Date: 01 March 1920
• Docket Number: (No. 218.)
• Parties: ST. PASTEUR v. WILSON.

218 S.W. 843

ST. PASTEUR v. WILSON.

(No. 218.)

Supreme Court of Arkansas.

March 1, 1920.

Appeal from Circuit Court, Little River County; James S. Steel, Judge.

Suit by A. U. St. Pasteur against H. B. Wilson. Judgment for defendant, and plaintiff appeals. Affirmed.

June R. Morrell, of Ashdown, for appellant.

Reynolds & Steel, of Ashdown, for appellee.

SMITH, J.

This is a suit on a promissory note, which was one of three notes given to the Southern Profit-Sharing Company, of New Orleans, for coupons. These coupons were sold by the company to merchants, who gave them out to customers buying goods, and entitled the customer, when the stipulated number had been received from the merchant, to obtain from the company spoons and other articles in redemption of the coupons. After purchasing $120 worth of these coupons from the company, in payment of which three notes, each for $60, were executed, the company raised the price of its merchandise by requiring a larger number of coupons to obtain the articles purchasable with the coupons. Two of these notes were paid, but payment of the last one — the one here sued on — was refused. The suit on this note was not brought by the company, but by one St. Pasteur, who claims to have been an innocent purchaser for value, before maturity. The jury found against St. Pasteur, and from the judgment rendered thereon is this appeal.

The question in the case is whether St. Pasteur was a bona fide purchaser, and it is insisted in his behalf that the court should have disposed of that question as a matter of law by directing a verdict in his favor, which is another way of saying that the testimony is not legally sufficient to support the verdict.

The note, with the indorsements thereon, reads as follows:

"$60.00.      Ashdown, Ark., Nov. 9, 1916
                

"90 days after date I promise to pay to the order of Southern Profit-Sharing Company sixty 00/100 dollars. For value received, negotiable and payable without defalcation or discount, and with interest from ____ at the rate of ____ per cent. per annum, and if interest be not paid annually, to become as principal, and bear the same rate of interest.

                   "[Signed] H. B. Wilson
                

"No. ____. Due Feb. 9th.

Indorsements:

"Southern Profit-Sharing Co., A. Blancand.

"Pay any bank or banker or order. Feb. 6, 1917. Canal Bank & Trust Co., New Orleans, La. Prior indorsements guaranteed. F. Dietze, Jr., Cashier."

And in pencil the notation: "No reason given."

The deposition of St. Pasteur, which was taken on February 24, 1919, was read in evidence, and he there stated that he bought the three notes mentioned on December 1, 1916, at a discount of 10 pr cent. from their face, paying $162 therefor, and, in answer to the question, "Were you acquainted with any defenses, equities, or other infirmities in the paper prior to discounting same," said, "No, sir." He further testified that he was not connected with the profit-sharing company, except that "I sold them lots of the goods that I handled, and have discounted much of their notes, which is the limit of my dealings with them." In answer to the question, "What is your business?" he stated: "I am the sole owner of the Southern Mercantile Company, dealer in...