White v. Smith

delivered the opinion of the Court.:

This was an action, brought by plaintiff below, as assignee, upon the following instrument in writing :

Ҥ50.00 Moxticelt.o, III., April 17, 1866.

For value received, I promise to pay to the Montioello Railroad Company, or order, the sum of §50, to be paid in such installments and at such times as the directors of said company mav, from time to time, assess or require.

J. W. White.”

The declaration averred that the directors, on the 1st of June, 1866, made an assessment of five per cent, which was paid; on the 7th of May, 1867, another assessment of ten per…