First National Bank v. Town of Mount Tabor
Supreme Court of Vermont
General Assumpsit to recover the interest on certain bonds issued by the defendant. Plea, general issue, with notice of special matter. Trial by jury, September Term, 1878, Barrett, . J., presiding.
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General Assumpsit to recover the interest on certain bonds issued by the defendant. Plea, general issue, with notice of special matter. Trial by jury, September Term, 1878, Barrett, . J., presiding. The plaintiff introduced in evidence fourteen bonds for $500 each, dated July 1, 1867, payable July 1, 1897, with interest at seven per cent, per annum payable semi-annually, signed by the defendant’s treasurer, and signed and sealed by two of its selectmen, and also fifty-six detached interest coupons, signed by the defendant’s treasurer, and payable on January 1 and July 1, in successive years,…
1Opinion of the Court
The opinion of the court was delivered by
Royce, J.
This was an action brought to recover the interest due upon certain bonds purporting to be issued by the defendant town under the authority conferred by No. 1 of the Acts of the Special Session of 1867, and represented by interest coupons cut from such bonds. Interest coupons detached from bonds, payable to bearer at a specified time and place, are negotiable promises for the payment of money, and therefore subject to the same rules as bank notes or other negotiable instruments. They are, in effect, promissory notes by the law merchant, and…
2Cases cited38 opinions
- Downing v. RugarNew York Supreme Court · 1839
- Bradford v. Justices of Inferior CourtSupreme Court of Georgia · 1862
- Crocker v. CraneNew York Supreme Court · 1839
- Town of Bennington v. ParkSupreme Court of Vermont · 1877
- Ex parte RogersNew York Supreme Court · 1827
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3Cited by15 opinions
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- State Ex Rel. Hjelle v. BakkeNorth Dakota Supreme Court · 1962
- Hamilton v. Wheeling Public Service Co.West Virginia Supreme Court · 1921
- State ex rel. Lemke v. Union Light, Heat, & Power Co.North Dakota Supreme Court · 1921
- Wells v. AustinSupreme Court of Vermont · 1886
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