Commercial National Bank v. Consumers' Brewing Co.

Citations

• 16 App. D.C. 186
• 1900 U.S. App. LEXIS 5285

Syllabus

<p>Appellate Practice ; Interlocutory Orders ; Special Appeals; Promissory Notes; Negotiability.</p> <p>1. An appeal will not lie from a judgment sustaining a demurrer to one of two counts of a declaration,' pending the trial of issues made under the remaining count, unless specially allowed by this court.</p> <p>2. Such a judgment is an interlocutory order within the meaning of the statute authorizing this court in its discretion to allow appeals from such orders whenever it is made to appear that it will be in the interest of justice to allow such appeal.</p> <p>3. An assignee of a non negotiable promissory note can not maintain an action at law upon it in his own name, bub must sue in the name of his assignor to his use.</p> <p>4. The negotiability of a promissory note is not impaired (1) by a provision in it that the principal is payable, at the maker’s option, before maturity; nor (2) by a mere provision for the pledge of collateral security ; nor (3) by a stipulation for the payment of interest monthly or at other stated periods ; nor (4) by a stipulation that the maker shall have the right to curtail the principal in instalments of not less than a certain proportion upon the recurring interest periods; nor (5) by a stipulation that the principal shall be paid in such instalments and at such times as the payee may require.</p> <p>5. While a provision in a promissory note authorizing the sale of collateral security before maturity upon reasonable conditions and conditions determinable with reasonable certainty, may not destroy the negotiability of the note; stipulations will have that effect which authorize a third person to demand additions to the collateral, or the payment of money on account, whenever in the opinion of such third person the collateral shall have depreciated in value, and to sell in case of default, especially where in addition to such stipulations the note provides that the principal shall be curtailed monthly but does not specify in what am