Clark v. Iowa City
Supreme Court of the United States
Error to the Circuit Court for the District of Iowa. The case was thus: On the 1st of March, 1856, Iowa City issued a number of bonds, dated on the day just named, promising in each to pay to the bearer, on the 1st of January, 1876, the sum of $500, with interest at 10 per cent., payable on the 1st of January in each year. Eor this interest ten coupons, or interest warrants in negotiable form, for $50 each, were, annexed to the bonds.
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Error to the Circuit Court for the District of Iowa. The case was thus: On the 1st of March, 1856, Iowa City issued a number of bonds, dated on the day just named, promising in each to pay to the bearer, on the 1st of January, 1876, the sum of $500, with interest at 10 per cent., payable on the 1st of January in each year. Eor this interest ten coupons, or interest warrants in negotiable form, for $50 each, were, annexed to the bonds. From ten of these bonds the coupons were subsequently cut off’, and long before the commencement of this suit — which was on the 31st of January, 1874— were…
1Opinion of the CourtJustice Field
The. bonds of .Iowa City were-taken up and cancelled before the commencement of this action, but previous to such cancellation the coupons for interest due on the 1st of January, 1860, upon which the action is brought, were detached and negotiated to other parties until by purchase they came to the possess.ion.of the plaintiff. The statute of Iowa prescribes the limitation of ten years to actions on all written contracts, whether under seal or otherwise.
The. simple question, therefore, presented for our determination is whether the statute is a bar to an action upon the- coupons detached from…
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