Florence Mining Co. v. Brown - 124 U.S. 385 (1888)
U.S. Supreme Court
Florence Mining Co. v. Brown, 124 U.S. 385 (1888)
Florence Mining Company v. Brown
Argued December 1-2, 1887
Decided January 23, 1888
124 U.S. 385
The insolvency of the vendee in a contract for the sale and future deliver of personal property in installments, payment to be made in notes of the vendee as each installment is delivered, is sufficient to justify the vendor for refusing to continue the delivery unless payment be made in cash, but it does not absolve him from offering to deliver the property in performance of the contract if he intends to hold the purchasing party to it; he cannot insist upon damages for nonperformance by the insolvent without slowing performance on his own part or an offer to perform, with ability to make the offer good.
A check upon a bank in the usual form, not accepted or certified by its cashier to be good, does not constitute an equitable assignment of money to the credit of the holder, but is simply an order which may be countermanded, and whose payment may be forbidden by the drawer at any time before it is actually cashed.
The case is stated in the opinion of the Court.