Chapin v. Vermont & Massachusetts Railroad
Massachusetts Supreme Judicial Court
Action of contract against a railroad corporation established by law in this commonwealth, upon this instrument: “ Vermont and Massachusetts Railroad Company. No. 582. Mortgage Bond.
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Action of contract against a railroad corporation established by law in this commonwealth, upon this instrument: “ Vermont and Massachusetts Railroad Company. No. 582. Mortgage Bond. Amount $1000. The Vermont and Massachusetts Railroad Company, for value received, hereby promise to pay to --the sum of one thousand dollars, at the office of the treasurer, in the city of Boston, on the first day of July which will be in the year one thousand eight hundred and fifty five; and also interest for the same semi-annually, on the first day of January and July in each and every year after the date…
1Opinion of the Court
Merrick, J.*
There is no doubt but that the instrument declared on in the present action is a bond. And it is a familiar and well settled rule of law, that bonds and other contracts under seal are not, in general, negotiable instruments, the legal interest in which may be transferred from one owner to another by mere delivery, so that an action thereon can be maintained by the assignee in his own name. They may be assigned; but after assignment, as well as before, all actions to recover damages upon the failure of the obligor to perform any stipulated engagements must be brought in the name of…
2Cases cited1 opinion
- Skinner v. SomesMassachusetts Supreme Judicial Court · 1817