Bainbridge v. City of Louisville
Court of Appeals of Kentucky
Case 43 — PETITION EQUITY — APPEAL PROM LOUISVILLE CHANCERY COURT. Brief not in record. Where the maker of negotiable paper which has been lost or stolen pays it to an innocent purchaser for value, who took it before-maturity, he is not liable to the original owner. In this respect, municipal bonds are upon the same. footing as other negotiable-instruments.
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Case 43 — PETITION EQUITY — APPEAL PROM LOUISVILLE CHANCERY COURT. Brief not in record. Where the maker of negotiable paper which has been lost or stolen pays it to an innocent purchaser for value, who took it before-maturity, he is not liable to the original owner. In this respect, municipal bonds are upon the same. footing as other negotiable-instruments. (Caruth v. Thompson, 16 B. M., 575; Story on Promissory Notes, 148; Ohitty on Bills, 277; Story on Bills, 207 Burroughs on Public Securities, page 359; Battle & Webster v. Landenslager, 84 Pa. St., 446; City of Elizabeth v. Eoree, 29 N..…
1Opinion of the Court
JUDGE PRYOR
delivered the opinion oe the court.
The city of Louisville, under legislative authority,, issued five hundred of its bonds, payable to bearer,. *287for one thousand dollars each, bearing six per cent, interest, with coupons attached, for semi-annual installments of the interest. There were sixty coupons annexed to each bond, the principal sum not-falling due for many years. The bonds were placed, upon the market, and Bainbridge, the father of the-appellant, to whom forty-one of the bonds were sold, instituted the present action, in his life-time, to recover the interest coupons that had…
2Cases cited1 opinion
- Hinckley v. Union Pacific RailroadMassachusetts Supreme Judicial Court · 1880
3Cited by6 opinions
- Drinkall v. Movius State BankNorth Dakota Supreme Court · 1901
- First National Bank v. BrownSupreme Court of Kansas · 1924
- Mann v. Merchants' Loan & Trust Co.Appellate Court of Illinois · 1902
- Mullens v. McCoyCourt of Appeals of Kentucky · 1916
- Page Woven Wire Fence Co. v. PoolMichigan Supreme Court · 1903
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