Henning v. Town of Hot Springs

BRICE, Justice.

The question is whether the appellant, Town of Hot Springs, is liable as conditional payor on certain sewer certificates issued by it, as provided by Secs. 90-2301, to 90-2308, inclusive, of N.M.Sts.Ann.1929.

Each of the certificates provide in substance that the Town of Hot Springs, for value received, promises to pay to the bearer $500 at a specified date, with interest at six per cent per annum, and further:

“This certificate shall be payable from money received from special assessments levied to pay for sewer improvements, but any deficiency in the fund-to pay this…