Strickland v. National Salt Co.
Supreme Court of New Jersey
On appeal from a decree of the court of chancery advised by Vice-Chancellor Stevenson, whose opiniob is reported in 77 N. J. Eq. (7 Buch.) 328. The appellants claim the amount due on a certificate in the following form: “,¶>..............
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On appeal from a decree of the court of chancery advised by Vice-Chancellor Stevenson, whose opiniob is reported in 77 N. J. Eq. (7 Buch.) 328. The appellants claim the amount due on a certificate in the following form: “,¶>.............. Jeksey City, N. J. “National Salt Company (of New Jersey) hereby-agrees to pay at the office of the American Trust Company, Cleveland, Ohio, to or order Dollars, in equal semi-annual installments, beginning . The failure to pay any installment when due shall malee all future installments become at once due and payable. Until such default shall have occurred…
1Opinion of the Court
The opinion of the court was delivered by
Swayze, J.
It is unnecessary to consider many questions that were ably argued at the bar as the case can be disposed of by the determh *187nation of the following: First. Were the certificates negotiable? ISecond. If not negotiable, were they illegal? Third,. Is the defence of illegality open to the receivers ?
First. It is conceded that the instrument in suit is anomalous in form. It is not exactly a promissory note nor a corporate bond, both of which are negotiable. The instrument partakes of the character both of a sealed note and of a corporate bond, but…
2Cases cited3 opinions
- Kent v. . Quicksilver Mining Co.New York Court of Appeals · 1879
- Forsyth v. HammondSupreme Court of the United States · 1897
- McClelland v. . Norfolk Southern R.R. Co.New York Court of Appeals · 1888
3Cited by6 opinions
- City National Bank v. AdamsMassachusetts Supreme Judicial Court · 1929
- Melaven v. HunkerNew Mexico Supreme Court · 1931
- Millard County School Dist. v. State Bank of Millard CountyUtah Supreme Court · 1932
- New Jersey Bank v. PalladinoNew Jersey Superior Court Appellate Division · 1976
- National Surety Corp. v. Midland Bank & Trust Co.District Court, D. New Jersey · 1976
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