Middleton Savings Bank v. City of Dubuque
Supreme Court of Iowa
Appeal from Dubuque District Court. The plaintiff holds ten bonds of one thousand dollars each, dated the 1st day of July, 1853, running from six to: eleven years, with interest at the rate of ten per cent, payable semi-annually, issued and delivered by the city of Dubuque, for value, to F. S. Jessup and Company or bearer. The city issued $20,000 of other bonds, which were negotiated and passed into other hands.
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Appeal from Dubuque District Court. The plaintiff holds ten bonds of one thousand dollars each, dated the 1st day of July, 1853, running from six to: eleven years, with interest at the rate of ten per cent, payable semi-annually, issued and delivered by the city of Dubuque, for value, to F. S. Jessup and Company or bearer. The city issued $20,000 of other bonds, which were negotiated and passed into other hands. To secure the payment of all these bonds, amounting to $30,000, the city, on the 10th day of September, 1855, • executed and delivered to tbe said Jessup and Company a mortgage on…
1Opinion of the Court
Lowe, Ch. J.
i. con^tíSctio0™' reconveyanee. The ruling upon the demurrer is sustained as comporting best with reason, the intent of the parties, and a fair construction of the „. . conditions of the mortgage.
The argument against the demurrer is exceedingly astute and plausible, but fails to command our assent, as being a little to subtle and refined to suit the business genius of the times. We are satisfied that the nice, and we may add, far fetched, distinctions insisted upon by counsel never entered the minds of the contracting parties, and we prefer, because always safest, to keep…
2Cases cited1 opinion
- Byington v. AllenSupreme Court of Iowa · 1860
3Cited by5 opinions
- P. C. Hanford Oil Co. v. First National BankIllinois Supreme Court · 1888
- State v. LafferSupreme Court of Iowa · 1874
- City of Monterey v. JacksCalifornia Supreme Court · 1903
- State v. Thomas.Supreme Court of North Carolina · 1906
- State v. Thomas.Supreme Court of North Carolina · 1906