Novoprutsky v. Morris Plan Co.

Opinion by

Mr. Justice Kephart,

Plaintiff, here appellee, purchased twenty-one of appellant’s registered debentures, each in the principal sum of one thousand dollars payable “to the registered owner ... on demand.” Appellee at all times remained the registered owner of these debentures on appellant’s books, and demanded from appellant payment of the aggregate sum of the principal and interest of these bonds. Payment was refused because the debentures had been lost, on the ground that this might cause a double liability in the event that the bonds later appeared in the hands of a transferee for…