Hotchkiss v. National Banks
Supreme Court of the United States
Appeal from the Circuit Court for the Southern District of New York. This was a suit to compel the defendants to surrender to the complainant three coupon bonds of the Milwaukee and St. Paul Railway Company, each for $1000, of which he professed to be owner, and which he alleged were received by the defendants in bad faith, with notice of his rights.
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Appeal from the Circuit Court for the Southern District of New York. This was a suit to compel the defendants to surrender to the complainant three coupon bonds of the Milwaukee and St. Paul Railway Company, each for $1000, of which he professed to be owner, and which he alleged were received by the defendants in bad faith, with notice of his rights. The instruments were dated May 6th, 1863; by each of them the company acknowledges its indebtedness to certain persons named, or bearer, in the sum designated, and promises to pay the amount to the bearer on the 1st of January, 1893, at the…
1Opinion of the CourtJustice Field
The character and form of the instruments which are the subject of controversy in the present suit, would seem to furnish an answer to the questions that are raised before us. The agreement respecting the scrip preferred stock is entirely independent of the pecuniary obligation contained in the instrument. The latter recites an indebtedness in a specific sum, and promises its unconditional payment to bearer at a specified time. It leaves nothing optional with the company. Standing by itself it has all the elements and essential qualities of a negotiable instrument. The special agreement as to…
2Cited by66 opinions
- Fillebrown v. HaywardMassachusetts Supreme Judicial Court · 1906
- King v. DoaneSupreme Court of the United States · 1891
- Merchants' Bank v. McClellandSupreme Court of Colorado · 1886
- Forbes v. First Nat. Bank of EnidSupreme Court of Oklahoma · 1908
- McPherrin v. TittleSupreme Court of Oklahoma · 1913
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