Williamsport Gas Co. v. Pinkerton
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Lycoming county: Of May Term 1880, No. 145. Case stated, wherein John J. Pinkerton, was plaintiff, and the Williamsport Gas Company, defendant. • The case as stated, was, in substance, as follows : In 1868 the Williamsport Gas Company issued bonds to the amount of $30,000, payable to bearer on the 1st of June 1878, at the banking house of Kirk, MacVeagh & Co., West Chester, Pa.
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Error to the Court of Common Pleas of Lycoming county: Of May Term 1880, No. 145. Case stated, wherein John J. Pinkerton, was plaintiff, and the Williamsport Gas Company, defendant. • The case as stated, was, in substance, as follows : In 1868 the Williamsport Gas Company issued bonds to the amount of $30,000, payable to bearer on the 1st of June 1878, at the banking house of Kirk, MacVeagh & Co., West Chester, Pa. To each bond were attached coupons for the payment of the semiannual interest at the rate of eight per cent, per annum, payable to bearer at said .banking house, on the first days…
1Opinion of the Court
The judgment of the Supreme Court was entered
2Per curiam
_ _ The corporation which issues acoppon bond is in the position of a maker of a promissory, no'te, not of the drawer of a check or bill of exchange. There is no obligation on the holder to present and demand it within a reasonable time. The same rule applies to the coupons as to the bond. In fact he may hold on to the coupons just as long as he can hold on to the bond without requiring payment. The coupon is nothing but an acknowledgment of interest due, and it is but an incident of the principal. It is attached to the bond and may be detached…
3Cited by8 opinions
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- Kalman v. Treasure CountyMontana Supreme Court · 1929
- McDowell v. North Side Bridge Co.Supreme Court of Pennsylvania · 1916
- Jacobs v. Mohnton Trust Co.Supreme Court of Pennsylvania · 1930
- Mershon v. Millerstown BoroughSuperior Court of Pennsylvania · 1937
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