US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ |™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for

RAILWAY COMPANY V. SPRAGUE, 103 U. S. 756 (1880)

Subscribe to Cases that cite 103 U. S. 756 RSS feed for this section

U.S. Supreme Court

Railway Company v. Sprague, 103 U.S. 756 (1880)

Railway Company v. Sprague

103 U.S. 756


1. A mortgage executed by a railway company, to secure its bonds, provides that, in case of default for six months in the payment of the interest upon either of them, the entire amount of the debt secured "shall forthwith be come due and payable," and that the lien of the mortgage may be at once enforced. The bonds themselves declare that,

"in case of the nonpayment of any half-yearly installment of interest which shall have become due and been demanded, and such default shall have continued six months after demand,"

the principal of the bond shall become due, with the effect provided in the mortgage. Held that the mortgage being a mere security, the terms of the bonds must control in determining when the principal is payable.

2. Overdue and unpaid interest coupons do not of themselves make the bond to which they are attached dishonored paper. Cromwell v. County of Sac, 96 U. S. 51, cited and approved, and Parsons v. Jackson, 99 U. S. 434, distinguished.

3. The facts in this case show that the appellee is a bona fide holder of the bonds in controversy.

The facts are stated in the opinion of the Court.

ChanRobles™ LawTube

google search for Search for

Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



Browse By ->> Volume


Browse By ->> Year


  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library |™