Holliday State Bank v. Hoffman

Citations

• 85 Kan. 71
• 116 P. 239
• 1911 Kan. LEXIS 15

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Promissory Note — Collateral Provisions — Negotiability. A promissory note otherwise negotiable, due six months after date, with interest from maturity until paid at the rate of six per cent per annum, contained a recital that certain collateral security was attached thereto the market value of which was stated to be $6250, and contained in addition the following stipulation: “If in the judgment of the holder of this note, said collateral depreciates in value, the undersigned agrees to deliver when demanded additional security to the satisfaction of said,holder; otherwise this note shall mature at once.” Held, that the instrument is nonnegotiable (1) because it contains a promise to do an act in addition to the payment of money (Gen. Stat. 1909, § 5258) ; (2) because the date when it is to become due is uncertain (Gen. Stat. 1909, § 5257).</p>