General Motors Acceptance Corporation v. Higgins

CHASE, Circuit Judge.

The plaintiff in 1935 borrowed $25,000,-000 from eight corporations and delivered to them eighty-four unsecured instruments ranging in face amounts from $100,000 to $1,000,000. In some of these instruments it promised to pay the amount stated therein to the named holder, and in the others to bearer. Interest was payable on all of them at designated places at intervals of six months at 3J4 per cent, and the principal was payable on various maturity dates none of which were less than four and one half, nor more than five, years from the date of issue.

The Commissioner of…