[Download] "Hotchkiss v. National Banks" by United States Supreme Court # Book PDF Kindle ePub Free
eBook details
- Title: Hotchkiss v. National Banks
- Author : United States Supreme Court
- Release Date : January 01, 1874
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
Mr. F. N. Bangs, for the appellant; Mr. J. S. Woodward, for the Tradesmen's National Bank, one of the appellees; and Mr. Henry N. Beach, for the National Shoe and Leather Bank of the City of New York, another. Mr. Justice FIELD, having stated the case, delivered the opinion of the court, as follows: The character and form of the instruments which are the subject of controversy in the present suit, would seem to furnish an answer to the questions that are raised before us. The agreement respecting the scrip preferred stock is entirely independent of the pecuniary obligation contained in the instrument. The latter recites an indebtedness in a specific sum, and promises its unconditional payment to bearer at a specified time. It leaves nothing optional with the company. Standing by itself it has all the elements and essential qualities of a negotiable instrument. The special agreement as to the scrip preferred stock in no degree changes the duty of the company with respect either to the principal or interest stipulated. It confers a privilege upon the holder of the bond, upon its surrender and the surrender of the certificate attached, of obtaining full preferred stock. His interest in and right to the full discharge of the money obligation is in no way dependent upon the possession or exercise of this privilege.