US SUPREME COURT DECISIONS

Payment in good faith at its maturity in Virginia in Confederate currency of a debt contracted there in 1860 to be paid there in 1862, and the receipt and acceptance of the same by the creditor, discharged the debt.

In 1860 two brothers, executors of the will of their father, who had resided in Virginia, and had died there, contracted in that state to convey, under a power in the will, real estate of the testator on the payment, among other things, of a bond then executed by the purchaser for the payment of a sum of money in 1862. One of the executors resided in Indiana, and continued to reside there during and after the close of the war. The other received in Virginia in 1862 (by request of legatees under the will who accepted the same in payment of their distributive shares) payment of the bond in Confederate money, and accounted for the same to the court in 1864. In a suit commenced by the surviving executor against the executor of the obligor on the bond to recover payment of the bond. Held that the payment to the resident executor in Confederate currency was a valid payment.

This was a bill in equity to set aside a deed made by Samuel Lipse, executor of Moses Lipse, and to obtain payment of a bond executed by Glasgow's testator in his lifetime. The case is stated in the opinion of the Court. For the understanding of the points in the argument, it is sufficient to say that Moses Lipse died in Virginia before the war, leaving several children, among whom were David H. Lipse, residing in Indiana, and Samuel Lipse, residing in Virginia; also leaving real estate and a will chanrobles.com-red

Page 117 U. S. 328

empowering his executors to sell real estate, and naming David H. and Samuel as his executors, both of whom qualified; that in 1860, the executors agreed with one Spears, in Virginia, to convey a tract of testator's real estate on receiving, among other things, payment of a bond then executed by him to them for the payment of a sum of money in 1862; that David continued to reside in Indiana during the war, and Samuel to reside in Virginia; that Spears' bond was paid to Samuel in Virginia in 1862, after its maturity, and Samuel presented his accounts in the proper court in 1864, showing receipt of such payment and division of the estate, which accounts were allowed and settled; that Samuel afterwards died, and David H. as surviving executor brought this suit against Spears' executor, to recover the sum alleged to be due on the bond on the ground that the payment in Confederate currency was void.

Judgment below for the plaintiff, from which appeal was taken. chanrobles.com-red

Page 117 U. S. 329