Department of Financial Institutions v. Neumann

In April, 1926, the appellee Augusta M. Neumann purchased from the National Fowler Bank of Lafayette, Indiana, seven street improvement bonds issued by the City of Hammond. Each bond was in the principal sum of $429.39, and bore interest at the rate of 6 per cent, per annum. The first of the bonds matured in 1929, and one bond matured each succeeding year thereafter. These bonds were issued under the local improvement statutes to defray the cost of improving a street, and are a lien upon the property abutting upon the street. They are not the obligation of the City of Hammond, and are payable…