Mayor of Griffin v. City Bank
Supreme Court of Georgia
Negotiable Instruments. Contracts. Before Judge Hall. Spalding Superior Court. February Term, 1816. A verdict having been rendered in favor of the City Bank of Macon against the Mayor and Council of Griffin for the principal and interest of the bonds sued on, the latter moved for a new trial upon the following, among other, grounds: 1. Because the court erred in charging the jury that if the defendant failed to pay the interest when the same became due, and was demanded, and…
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Negotiable Instruments. Contracts. Before Judge Hall. Spalding Superior Court. February Term, 1816. A verdict having been rendered in favor of the City Bank of Macon against the Mayor and Council of Griffin for the principal and interest of the bonds sued on, the latter moved for a new trial upon the following, among other, grounds: 1. Because the court erred in charging the jury that if the defendant failed to pay the interest when the same became due, and was demanded, and there is on the back of said bonds a stipulation, that in the event of the failure to pay the interest, the bonds…
1Opinion of the Court
Bleckley, Judge.
1. Having subscribed for stock in a railroad, the mayor and council, on the 20th of March, 1872, issued bonds of the city to discharge the subscription. On each bond was indorsed a resolution of the mayor and council, to the effect that, in case default should be made in paying any of the coupons at maturity, then, as a part of the contract, the bond itself should become due and payable. Each of the coupons was for a half year’s interest, at the rate of seven per cent, per annum. The bonds, on their face, had many years to run — some of them twenty-nine years. They were *586payable…
2Cases cited3 opinions
- Ottawa Northern Plank Road Co. v. MurrayIllinois Supreme Court · 1854
- Mayor of Griffin v. Inman, Swann & Co.Supreme Court of Georgia · 1876
- Hale v. GouverneurNew York Court of Chancery · 1843
3Cited by3 opinions
- Gilford v. GreenCourt of Appeals of Georgia · 1924
- Farmers Bank v. Johnson, King & Co.Supreme Court of Georgia · 1910
- Hodge v. WallaceWisconsin Supreme Court · 1906