Chap. 71.—An ACT providing for the adjustment of Liabilities arising
under Contracts and Wills made between the Ist day of January 1862,
and the 10th day of April 1s65,

Passed Mareh 3, (866,

Whereas a depreciated currency, known as Confederate
States treasury notes, constituted the only or principal cur-
rency in the greater part of this state during the Jate war:
and whereas the result of said war invelved the total destrue-
tion of said currency: and whereas there are many contracts
which were made, or obligations which were meurred betore
the termination of said war, predicated on said depreciated
eurreney, stil remaining wholly or partially unadjusted, in
respect to which ereat uneertamty exists. perplextne: alike to
debtor or creditor, as to the present measure of their liabilt-
ties and rights respectively : and it thus appearing useful that
some uniform and equitable rule should be established for
the adjustment of such mutual demands and _ liabilities:
Theretore,

1. Be it enacted by the general assembly, That in any
action or suit, or other proceeding for the enforcement of
any contract, express or implied, made and entered into be-
tween the first day of January, eighteen hundred and sixty-
two, and the tenth day of April, eighteen hundred and sixty-
five, it shall be lawful for either party to show, by parol or
other relevant evidence, what was the true understanding and
agreement of the parties, either expressed or to be implied,
in respect to the kind of currency in which the same was to
be fulfilled or performed, or with reference to which, as a
standard of value, it was made and entered into; and in an
action at law, it shall not be necessary to plead the agreement
specially in order to admit such evidence.

2. Whenever it shall appear that any such contract was,
according to the true understanding and agreement of the
parties, to be fulfilled or pertormed in Contederate States
treasury notes, or was entered into with reference to such
notes as a standard of value, the same shall be liquidated and
settled, by reducing the nominal amount, due or payable,
under such contract, in Confederate States treasury notes, to
its true value at the time they were respectively made and
entered into, or at such other time as may to the court seem
right in the particular case; and upon the payment of the
value so ascertained, the party bound by such contract shall
be forever discharged of and from the same: provided, that
in all cases where actual payment has been made of any sum
of such Confederate States treasury notes, either in full or
in part of the amount payable under such contract, the party
by or for whom the same was paid, shall have full credit for
the nominal amount so paid, and such payment shall not be
reduced.

3. Where any judgment or decree has been recovered tor
a specific sum, or for damages, between the said first day of
January, eighteen hundred and sixty-two, and the said tenth
day of April, eighteen hundred and sixty-five, or shall have
been recovered after the said tenth day of April, eighteen
hundred and sixty-five, upon a cause of action arising within
the said period, and such judgement or decree remain unpaid,
it shall be lawful for the courts, ina summary way, on mo-
tion, after ten days’ notice, either before or aiter the issue of
execution, to fix, settle and direct at what depreciation, or
how the said judgment or decree shall be discharged, having
regard to the provisions of this act, to the cause of action
for which the judgment or decree was recovered, and any
other proof or circumstance that, from the nature of the case,
may be admissible.

4. In any case wherein it shall appear that on any contract
made or liability incurred, on or after the first day of January,
eighteen hundred and sixty-two, and before the tenth day of

“cry¢4
April, eighteen hundred and sixty-five, the debtor, on or atter
the maturity of the claim against him, and within the period
above mentioned, made to the creditor, his agent or attorney
at law, a bona fide and actual tender of the amount due, in
the said Confederate States treasury notes, or other equal or
better currency, and that the creditor then refused to accept
the same, a court of equity may grant relief to the debtor,
unless it appear that the creditor was justified in refusing to
accept the amount tendered, in consequence of a substantial
and decided depreciation of said currency after the time at
which payment ought to have been made, and before the
time at which the tender was made, or unless it otherwise
appear to be inequitable to grant such relief.

5. It shall be lawful for any person bound for any debt, or
the performance of any contract, which was to be discharged
or performed by the payment of Confederate States treasury
notes, or for the performance of any contract made with
reference to such notes as a standard of value, to tender to
the party entitled to demand payment or performance, or
damages for nonperformance, the amount demandable ac-
cording to the provisions of this act; and if such party shall
refuse to accept the amount so tendered, it shall be lawful for
the party bound, by notice in writing duly served, to require
him to institute proper legal proceedings for the recovery of
such debt, or the enforcement of such contract, or for the
recovery of damages for its nonperformance; and if such
party shall fail to institute such proceedings: within three
months from and after the service of such notice, he shall be
forever barred and precluded from all legal remedy whatever,
founded upon such debt of contract, to recover more than the
sum tendered, without interest.

6. Nothing in this act shall be construed to take away or
impair the ordinary jurisdiction of courts of equity.

¢. In any suit to recover a legacy bequeathed by a will or
codicil executed between the tirst day of January, eighteen
hundred and sixty-two, and the tenth day of April, eighteen
hundred and sixty-five, or to enforce any provision of such
a will or codicil, it shall be lawful for any party interested to
show, by parol or other relevant testimony, what was the
true intention of the testator, either expressed or to be
implied, in respect to the kind of currency in which such
legacy was to be paid or such provision fulfilled, or in reference
to which, as a standard of value, such will or codicil was
made. And when it shall appear that any legacy or provision
In any such will or codicil was, according to the true inten-
tion of the testator, to be paid or fultilled in confederate
treasury notes, or that such will or codicil was made with
reference to such notes as a standard of value, the amount
payable for any such leyacy or under any such provision,
shall be liquidated and settled according to the provisions of
this act applicable to labilities arising out of contracts made
between the dates aforesaid; and all the provisions of this
act shall be held applicable to legacies or other liabilities
arising funder such a will or codicil, in like manner as to
liabilities arising out of contracts.
8. This act shall be in force from its passage.

Chap. 71.—An ACT providing for the adjustment of Liabilities arising
under Contracts and Wills made between the Ist day of January 1862,
and the 10th day of April 1s65,

Passed Mareh 3, (866,

Whereas a depreciated currency, known as Confederate
States treasury notes, constituted the only or principal cur-
rency in the greater part of this state during the Jate war:
and whereas the result of said war invelved the total destrue-
tion of said currency: and whereas there are many contracts
which were made, or obligations which were meurred betore
the termination of said war, predicated on said depreciated
eurreney, stil remaining wholly or partially unadjusted, in
respect to which ereat uneertamty exists. perplextne: alike to
debtor or creditor, as to the present measure of their liabilt-
ties and rights respectively : and it thus appearing useful that
some uniform and equitable rule should be established for
the adjustment of such mutual demands and _ liabilities:
Theretore,

1. Be it enacted by the general assembly, That in any
action or suit, or other proceeding for the enforcement of
any contract, express or implied, made and entered into be-
tween the first day of January, eighteen hundred and sixty-
two, and the tenth day of April, eighteen hundred and sixty-
five, it shall be lawful for either party to show, by parol or
other relevant evidence, what was the true understanding and
agreement of the parties, either expressed or to be implied,
in respect to the kind of currency in which the same was to
be fulfilled or performed, or with reference to which, as a
standard of value, it was made and entered into; and in an
action at law, it shall not be necessary to plead the agreement
specially in order to admit such evidence.

2. Whenever it shall appear that any such contract was,
according to the true understanding and agreement of the
parties, to be fulfilled or pertormed in Contederate States
treasury notes, or was entered into with reference to such
notes as a standard of value, the same shall be liquidated and
settled, by reducing the nominal amount, due or payable,
under such contract, in Confederate States treasury notes, to
its true value at the time they were respectively made and
entered into, or at such other time as may to the court seem
right in the particular case; and upon the payment of the
value so ascertained, the party bound by such contract shall
be forever discharged of and from the same: provided, that
in all cases where actual payment has been made of any sum
of such Confederate States treasury notes, either in full or
in part of the amount payable under such contract, the party
by or for whom the same was paid, shall have full credit for
the nominal amount so paid, and such payment shall not be
reduced.

3. Where any judgment or decree has been recovered tor
a specific sum, or for damages, between the said first day of
January, eighteen hundred and sixty-two, and the said tenth
day of April, eighteen hundred and sixty-five, or shall have
been recovered after the said tenth day of April, eighteen
hundred and sixty-five, upon a cause of action arising within
the said period, and such judgement or decree remain unpaid,
it shall be lawful for the courts, ina summary way, on mo-
tion, after ten days’ notice, either before or aiter the issue of
execution, to fix, settle and direct at what depreciation, or
how the said judgment or decree shall be discharged, having
regard to the provisions of this act, to the cause of action
for which the judgment or decree was recovered, and any
other proof or circumstance that, from the nature of the case,
may be admissible.

4. In any case wherein it shall appear that on any contract
made or liability incurred, on or after the first day of January,
eighteen hundred and sixty-two, and before the tenth day of

“cry¢4
April, eighteen hundred and sixty-five, the debtor, on or atter
the maturity of the claim against him, and within the period
above mentioned, made to the creditor, his agent or attorney
at law, a bona fide and actual tender of the amount due, in
the said Confederate States treasury notes, or other equal or
better currency, and that the creditor then refused to accept
the same, a court of equity may grant relief to the debtor,
unless it appear that the creditor was justified in refusing to
accept the amount tendered, in consequence of a substantial
and decided depreciation of said currency after the time at
which payment ought to have been made, and before the
time at which the tender was made, or unless it otherwise
appear to be inequitable to grant such relief.

5. It shall be lawful for any person bound for any debt, or
the performance of any contract, which was to be discharged
or performed by the payment of Confederate States treasury
notes, or for the performance of any contract made with
reference to such notes as a standard of value, to tender to
the party entitled to demand payment or performance, or
damages for nonperformance, the amount demandable ac-
cording to the provisions of this act; and if such party shall
refuse to accept the amount so tendered, it shall be lawful for
the party bound, by notice in writing duly served, to require
him to institute proper legal proceedings for the recovery of
such debt, or the enforcement of such contract, or for the
recovery of damages for its nonperformance; and if such
party shall fail to institute such proceedings: within three
months from and after the service of such notice, he shall be
forever barred and precluded from all legal remedy whatever,
founded upon such debt of contract, to recover more than the
sum tendered, without interest.

6. Nothing in this act shall be construed to take away or
impair the ordinary jurisdiction of courts of equity.

¢. In any suit to recover a legacy bequeathed by a will or
codicil executed between the tirst day of January, eighteen
hundred and sixty-two, and the tenth day of April, eighteen
hundred and sixty-five, or to enforce any provision of such
a will or codicil, it shall be lawful for any party interested to
show, by parol or other relevant testimony, what was the
true intention of the testator, either expressed or to be
implied, in respect to the kind of currency in which such
legacy was to be paid or such provision fulfilled, or in reference
to which, as a standard of value, such will or codicil was
made. And when it shall appear that any legacy or provision
In any such will or codicil was, according to the true inten-
tion of the testator, to be paid or fultilled in confederate
treasury notes, or that such will or codicil was made with
reference to such notes as a standard of value, the amount
payable for any such leyacy or under any such provision,
shall be liquidated and settled according to the provisions of
this act applicable to labilities arising out of contracts made
between the dates aforesaid; and all the provisions of this
act shall be held applicable to legacies or other liabilities
arising funder such a will or codicil, in like manner as to
liabilities arising out of contracts.
8. This act shall be in force from its passage.