English Transcontinental, Ltd. v. Puebla Tramway, Light & Power Co.

The motion is by the plaintiffs for summary judgment. The action is upon matured interest coupons on bonds issued by the defendant, a Canadian corporation, secured by property in Mexico and South America and payable (as are the bonds themselves) in a stated amount of English pounds in London or dollars in Canada or francs in Brussels or Basle or marks in Berlin, at the holders’ option. The underlying bonds purport to be “ 50 year gold bonds ”. Obviously, the purpose of the draftsman of the language of these interest coupons and of the bonds themselves was to protect the holder against…