Warner v. Beem
Supreme Court of Iowa
Appeal from Johnson District Gov/rt. Action upon two promissory notes, of which the following are copies, to wit: “$350.00. Eor value received in policy No. 4,762, issued by the Iowa Central Insurance Company, I promise to pay the said company $350.00, in such portions and at such times as the directors of said company may agreeably to the charter and by-laws require, not exceeding seven per cent per year for the time insured.
Read the full summary
Appeal from Johnson District Gov/rt. Action upon two promissory notes, of which the following are copies, to wit: “$350.00. Eor value received in policy No. 4,762, issued by the Iowa Central Insurance Company, I promise to pay the said company $350.00, in such portions and at such times as the directors of said company may agreeably to the charter and by-laws require, not exceeding seven per cent per year for the time insured. Dated Marengo, this 20th day of February, 1866. “ J. C. Beem.” “ Deposit note, $3.50. For value received in policy No. 4,762, issued by the Iowa Central Insurance…
1Opinion of the CourtCole, J.
— The notes sued on are not payable at any fixed time; they are payable at “ such time or times as the directors of said company may agreeably to the charter and by-laws require.” * * * Since the time of payment may be rendered certain, by the action of the directors, they may be regarded as possessing the requisite certainty to constitute them promissory notes ; but they are not by their terms negotiable. There was no proof of any order or requirement by the directors of the company for the payment of any portion of either of the notes. In the absence of such proof, the notes are not due and…
2Cases cited2 opinions
- White v. . HaightNew York Court of Appeals · 1857
- American Insurance v. SchmidtSupreme Court of Iowa · 1865
3Cited by1 opinion
- Chandler v. KeithSupreme Court of Iowa · 1875