Kendall v. Porter

Citations

• 120 Cal. 106
• 45 P. 333
• 1898 Cal. LEXIS 720

Syllabus

<p>Interest—Matured Municipal Bonds—Coupons.—Matured municipal interest bearing coupon bonds continue to bear interest after their maturity, when there is nothing in the statute providing for them to indicate the contrary; and the fact that the coupons for interest attached to the bonds extend only to the maturity of the bonds is indicative only of a presumption that the bonds will be paid at maturity, and does not affect the continuance of interest, if the bonds are not so paid.</p> <p>In.—Bonds of City of Sacramento—Construction of Statutes as to Interest.—The statutes under and by virtue of which the bonds of the city of Sacramento were issued are the measure of the rights of the bondholders; and under a proper construction of their provisions they indicate the intent that the bonds shall bear annual interest from the date of their issuance until the time of actual payment, as part of the contract.</p> <p>Id.—Mandamus to Treasurer—Sufficiency of Money to Pay Interest— Presentation of Bonds—Demurrer to Petition—Matter of Defense.— Upon an application for a writ of mandate against the city treasurer to compel the payment of the principal and interest of overdue bonds of the city of Sacramento, the questions whether or not there was money in the treasury to pay the bonds at maturity, and whether a holder of bonds could claim interest, if he failed to present the bonds at maturity, do not arise upon demurrer to the petition for the writ, where the facts therein stated are such as to disclose the explicit duty of the treasurer to pay the principal and interest of the bonds, but such questions can only be considered upon facts to be pleaded by way of defense to the application.</p>