Central Trust Co. v. Board of County Commissioners

The opinion of the court was delivered by

Mason, J.:

The,Central Trust Company sued Grant county upon thirty-four coupons <of a bond issued by the county in 1890 under the general statute authorizing counties and other municipalities to refund their indebtedness. (Gen. Stat. 1915, §§ 642-652.) The case was heard upon an agreed statement of facts. Recovery was denied upon all the coupons which were by their terms payable more than five years before the action was brought. The plaintiff appeals from this ruling.

The plaintiff invokes the rule that where a municipal obligation is payable only out…