Board of Comm'rs of City and County of Denver v. Home Savings Bank, 236 U.S. 101, 35 S. Ct. 265, 59 L. Ed. 485, 1915 U.S. LEXIS 1303

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Forsberg (1926)</a> </li> <li> <a href="/opinion/105358/united-states-v-leslie-salt-co/">United States<span class="alt"> v. </span>Leslie Salt Co. (1956)</a> </li> <li> <a href="/opinion/4119523/evans-v-beattie-comptroller-general/">Evans<span class="alt"> v. </span>Beattie, Comptroller General (1926)</a> </li> <li> <a href="/opinion/3390764/sullivan-v-city-of-tampa/">Sullivan<span class="alt"> v. </span>City of Tampa (1931)</a> </li> </ul> <p> <a href="/?q=cites%3A(98346)" rel="nofollow" class="btn btn-default" >View Citing Opinions</a> </p> <div class="btn-group"> <a href="/?show_alert_modal=yes&q=cites%3A(98346)" rel="nofollow" class="btn btn-primary" ><i class="fa fa-bell-o"></i> Get Citation Alerts</a> <a class="btn btn-primary dropdown-toggle" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> <span class="caret"></span> <span class="sr-only">Toggle Dropdown</span> </a> <ul class="dropdown-menu"> <li><a href="/help/alerts/#citation-alerts">Learn More</a></li> </ul> </div> </div> <div id="authorities" class="sidebar-section"> <h3><span>Authorities (5)</span></h3> <p class="bottom">This opinion cites:</p> <ul> <li> <a href="/opinion/87567/gelpcke-v-dubuque/?"> Gelpcke<span class="alt"> v. </span>Dubuque, 68 U.S. 175 </a> <span class="small gray">(1 time)</span> </li> <li> <a href="/opinion/97959/nalle-v-oyster/?"> Nalle<span class="alt"> v. </span>Oyster, 230 U.S. 165 </a> <span class="small gray">(1 time)</span> </li> <li> <a href="/opinion/95010/gunnison-county-commissioners-v-rollins/?"> Gunnison County Commissioners<span class="alt"> v. </span>Rollins, 173 U.S. 255 </a> <span class="small gray">(1 time)</span> </li> <li> <a href="/opinion/93311/brenham-v-german-american-bank/?"> Brenham<span class="alt"> v. </span>German American Bank, 144 U.S. 173 </a> <span class="small gray">(1 time)</span> </li> <li> <a href="/opinion/91873/carter-county-v-sinton/?"> Carter County<span class="alt"> v. </span>Sinton, 120 U.S. 517 </a> <span class="small gray">(1 time)</span> </li> </ul> <h4> <a href="/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/authorities/" class="btn btn-default"> View All Authorities </a> </h4> </div> <div class="sidebar-section"> <h3><span>Share</span></h3> <div id="share-links" class="form-inline"> <a href="mailto:?subject=Board%20of%20Comm%27rs%20of%20City%20and%20County%20of%20Denver%20v.%20Home%20Savings%20Bank%2C%20236%20U.S.%20101%2C%2035%20S.%20Ct.%20265%2C%2059%20L.%20Ed.%20485%2C%201915%20U.S.%20LEXIS%201303%20at%20CourtListener.com&body=https://www.courtlistener.com/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/" title="Email this Link to a Friend or Colleague"> <i class="fa fa-envelope-o fa-lg gray"></i> </a>  <a href="https://www.facebook.com/share.php?u=https://www.courtlistener.com/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/&t=Board of Comm'rs of City and County of Denver v. Home Savings Bank, 236 U.S. 101, 35 S. Ct. 265, 59 L. Ed. 485, 1915 U.S. LEXIS 1303 at CourtListener.com" target="_blank" title="Share on Facebook"> <i class="fa fa-facebook-square fa-lg gray"></i> </a>  <a href="https://x.com/home?status=https://www.courtlistener.com/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/" target="_blank" title="Share on X"> <i class="fa fa-twitter-square fa-lg gray"></i> </a>  <div class="form-group"> <input type="text" readonly="readonly" id="copy-input" class="form-control input-sm form-inline click-select" value="https://www.courtlistener.com/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/"/> </div> </div> </div> <div class="sidebar-section hidden-xs"> <h3><span>Support FLP <i class="fa fa-heart-o red"></i></span></h3> <p class="v-offset-above-1"> CourtListener is a project of <a href="https://free.law" target="_blank">Free Law Project</a>, a federally-recognized 501(c)(3) non-profit. Members help support our work and get special access to features. </p> <p>Please become a member today.</p> <p> <a href="https://donate.free.law/forms/membership" class="btn btn-danger btn-lg btn-block">Join Free.law Now</a> </p> </div> </div> <article class="col-sm-9"> <h2 class="inline">Board of Comm'rs of City and County of Denver<span class="alt"> v. </span>Home Savings Bank, 236 U.S. 101</h2> <div id="modal-logged-out" class="modal hidden-print" role="dialog" aria-hidden="true" tabindex="-1"> <div class="modal-dialog modal-sm"> <div class="modal-content"> <div class="modal-body"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> <h2 class="text-center">Please Sign In or Register</h2> <p class="v-offset-above-2"> <a href="/sign-in/?next=/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/" class="btn btn-primary btn-block btn-lg">Sign In</a> <a href="/register/?next=/opinion/98346/board-of-commrs-of-city-and-county-of-denver-v-home-savings-bank/" class="btn btn-default btn-block btn-lg">Register</a> </p> </div> </div> </div> </div> <h3>Supreme Court of the United States</h3> <p> <button id="add-note-button" class="btn btn-success pointer hidden-print" data-toggle="modal" data-target="#modal-save-note, #modal-logged-out" title="Save this record as a note in your profile"> <i class="fa fa-bookmark "></i> <span>Add Note</span></button> </p> <p class="bottom"> <span class="meta-data-header">Filed:</span> <span class="meta-data-value"> January 25th, 1915 </span> </p> <p class="bottom"> <span class="meta-data-header">Precedential Status:</span> <span class="meta-data-value"> Precedential </span> </p> <p class="bottom"> <span class="meta-data-header">Citations:</span> <span class="meta-data-value"> 236 U.S. 101, 35 S. Ct. 265, 59 L. Ed. 485, 1915 U.S. LEXIS 1303 </span> </p> <p class="bottom"> <span class="meta-data-header">Docket Number:</span> <span class="meta-data-value select-all"> 126 </span> </p> <p class="bottom"> <span class="meta-data-header">Supreme Court Database ID:</span> <span class="meta-data-value"> <a href="http://scdb.wustl.edu/analysisCaseDetail.php?cid=1914-053-01" target="_blank"> 1914-053 </a><i class="gray fa fa-external-link"></i> </span> </p> <p class="bottom"> <span class="meta-data-header">Judges:</span> Holmes </p> <p class="bottom"> <span class="meta-data-header">Author:</span> <span class="meta-data-value"> <a href="/person/1501/oliver-wendell-holmes-jr/">Oliver Wendell Holmes Jr.</a> </span> </p> <br> <div class="well well-sm"> <h4>Summary of Opinion</h4> <p><p>No exception or bill of exception is necessary to open a question of law apparent on the record where the record shows no waiver of rights of plaintiffs in error. Nalle v. Oyster, 230 U. S. 165.</p> <p>When a municipality is authorized to raise money by sale of bonds this court will take it that the authority extends to putting the bonds in the form that would be necessary to obtain a purchaser. And, this applies also to certificates of indebtedness.</p> <p>There is no essential- difference between bonds of a municipality and its certificates of indebtedness, and in this case held that the purchasers for value before maturity and in good faith of negotiable certificates of indebtedness of the City of Denver were entitled' to recover, and the defense that the authority to issue certificates did not authorize making them negotiable could not be maintained.</p> </p> </div> <div class="tab-content"> <div id="010combined1"> <div id="lawbox-text" class="v-offset-above-2"> <div id="opinion-content"> <div class="serif-text"><div> <center><b><span class="citation no-link">236 U.S. 101</span> (1915)</b></center> <center><h1>BOARD OF COUNTY COMMISSIONERS OF THE CITY AND COUNTY OF DENVER<br> v.<br> HOME SAVINGS BANK.</h1></center> <center>No. 126.</center> <center><p><b>Supreme Court of United States.</b></p></center> <center>Argued January 15, 1915.</center> <center>Decided January 25, 1915.</center> WRIT OF CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE EIGHTH CIRCUIT. <p><i>Mr. Charles R. Brock,</i> with whom <i>Mr. I.N. Stevens, Mr. Milton Smith</i> and <i>Mr. William H. Ferguson</i> were on the brief, for petitioner.</p> <p><i>Mr. John M. Zane,</i> with whom <i>Mr. Charles F. Morse</i> and <i>Mr. Charles W. Waterman</i> were on the brief, for respondent.</p> <p><span class="star-pagination">*103</span> MR. JUSTICE HOLMES delivered the opinion of the court.</p> <p>This is an action brought by the respondent upon a certificate of indebtedness and an interest coupon attached to the same, against the petitioner. There was a verdict and judgment for the plaintiff and the Circuit Court of Appeals affirmed the judgment. <span class="citation no-link">118 C.C.A. 256</span>; 200 Fed. Rep. 28. The plaintiff held the instrument by endorsement and was found to have purchased it in good faith before maturity, but the defendant denied the authority to issue the certificate in negotiable form and sought to raise the question by its third defence which set up failure of consideration. There was a demurrer to this defence which was sustained by the Circuit Court, and the trial took place upon the other issues. The Circuit Court of Appeals declined to consider the correctness of this ruling because no exception was taken to it. But <span class="star-pagination">*104</span> no exception or bill of exceptions is necessary to open a question of law already apparent on the record and there is nothing in the record that indicates a waiver of the defendant's rights. Therefore we must consider the merits of the defence. <i>Nalle</i> v. <i>Oyster,</i> <span class="citation" data-id="97959"><a href="/opinion/97959/nalle-v-oyster/">230 U.S. 165</a></span>.</p> <p>The certificate recites the allowance of a claim for ballot machines by the Board of County Commissioners of the City and County of Denver and goes on "the Board of County Commissioners being authorized thereto by the laws of the State of Colorado, Act of 1905, thereby issues its certificate of indebtedness for the said sum, and will in one (1) year pay to the order of the Federal Ballot Machine Company the sum of eleven thousand two hundred and fifty dollars, with interest on this sum, from the date hereof, at the rate of five per cent. per annum; the said interest payable semi-annually, as per two (2) coupons, hereto attached." This certificate was one of ten issued to provide for the payment for ballot machines and the constitution of the State authorized provision for payment in such case "by the issuance of interest-bearing bonds, certificates of indebtedness, or other obligations, which shall be a charge upon such city, city and county, or town; such bonds, certificates or other obligations may be made payable at such time or times, not exceeding ten years from the date of issue, as may be determined, but shall not be issued or sold at less than par." Art. VII, § 8, as amended, November 6, 1906. A statute in like words previously had been passed to be effective if the amendment to the constitution should be adopted as it was. Laws of 1905, c. 101, § 6. See Rev. St. 1908, § 2342. The defence that we are considering is that the foregoing words did not warrant making the certificates of indebtedness negotiable, relying especially upon <i>Brenham</i> v. <i>German American Bank,</i> <span class="citation" data-id="93311"><a href="/opinion/93311/brenham-v-german-american-bank/">144 U.S. 173</a></span>. But the argument seems to us to need no extended answer. The power to issue certificates of indebtedness or bonds is given in terms and <span class="star-pagination">*105</span> it is contemplated that these instruments may be sold to raise money for the purpose named. But however narrowly we may construe the power of municipal corporations in this respect, when they are authorized to raise money by the sale of bonds we must take it that they are authorized to put the bonds in the form that would be almost a necessary condition to obtaining a purchaser the usual form in which municipal bonds are put upon the market. <i>Gunnison County Commissioners</i> v. <i>Rollins,</i> <span class="citation" data-id="95010"><a href="/opinion/95010/gunnison-county-commrs-v-rollins/">173 U.S. 255</a></span>, 276. What is true about bonds is true about certificates of indebtedness. Indeed it is difficult to see any distinction between the two as they are commonly known to the business world. The essence of each is that they contain a promise under the seal of the corporation, to pay a certain sum to order or to bearer. We are of opinion that the Board of County Commissioners was authorized to issue certificates in the negotiable form. <i>Carter County</i> v. <i>Sinton,</i> <span class="citation" data-id="91873"><a href="/opinion/91873/carter-county-v-sinton/">120 U.S. 517</a></span>, 525. <i>Gelpcke</i> v. <i>Dubuque,</i> <span class="citation" data-id="87567"><a href="/opinion/87567/gelpcke-v-dubuque/">1 Wall. 175</a></span>, 203. <i>Cadillac</i> v. <i>Woonsocket Savings Institution,</i> 58 Fed. Rep. 935, 937. <i>Ashley</i> v. <i>Board of Supervisors,</i> 60 Fed. Rep. 55, 67. <i>D'Esterre</i> v. <i>Brooklyn,</i> 90 Fed. Rep. 586, 590. Dillon, Munic. Corp., 5th Ed., § 882.</p> <p><i>Judgment affirmed.</i></p> </div></div> </div> </div> </div> </div> </article> </div> <div class="row base-newsletter hidden-print"> <div class="col-sm-6"> <p class="bold bottom">Newsletter</p> <p>Sign up to receive the Free Law Project newsletter with tips and announcements.</p> </div> <div class="col-sm-6 right"> <a href="https://donate.free.law/np/clients/freelawproject/subscribe.jsp?forwardedFromSecureDomain=1&subscription=9" class="btn btn-default" tabindex="10000"> <i class="fa fa-newspaper-o"></i> Subscribe </a> </div> </div> <footer class="row hidden-print"> <div class="col-sm-8"> <div class="row"> <div class="col-xs-6"> <div class="col-sm-6 no-gutter"> <div class="footer-item"> <a href="https://free.law/about/" tabindex="11000">About</a> </div> <div class="footer-item"> <a href="/help/" tabindex="11001">Help</a> & <a href="/faq/">FAQ</a> </div> <div class="footer-item"> <a href="https://donate.free.law/forms/membership" tabindex="11002">Donate</a> </div> </div> <div class="col-sm-6 no-gutter"> <div class="footer-item"> <a href="/help/coverage/" tabindex="11003">About Our Data</a> </div> <div class="footer-item"> <a href="/help/api/" tabindex="11004">APIs & Bulk Data</a> </div> <div class="footer-item"> <a href="/feeds/" tabindex="11005">Feeds</a> <span class="alt">&</span> <a href="/podcasts/" tabindex="11006">Podcasts</a> <i class="gray fa fa-podcast inline"></i> </div> </div> </div> <div class="col-xs-6"> <div class="col-sm-6 no-gutter"> <div class="footer-item"> <a href="https://free.law" tabindex="11007">Blog Posts</a> </div> <div class="footer-item"> <a href="/contact/" tabindex="11008">Contact</a> </div> <div class="footer-item"> <a href="https://free.law/data-consulting/" tabindex="11009">Data Services</a> </div> <div class="footer-item"> <a href="/contribute/" tabindex="11010">Contribute</a> </div> </div> <div class="col-sm-6 no-gutter"> <div class="footer-item"> <a href="/terms/" tabindex="11011">Terms & Privacy</a> </div> <div class="footer-item"> <a href="/terms/#removal" tabindex="11012">Removal</a> </div> <div class="footer-item"> <a href="https://free.law/vulnerability-disclosure-policy/" tabindex="11013">Vulnerability Policies</a> </div> </div> </div> </div> </div> <div class="col-sm-4 text-right" id="donate-image"> <a href="https://donate.free.law/forms/membership" tabindex="11014"> <img src="https://storage.courtlistener.com/static/png/donate-button.f21707e5ec7d.png" alt="Donate to support our work" height="75" width="227"> </a> </div> <div class="col-sm-12" id="by-line"> <p>CourtListener is sponsored by the non-profit <a href="https://free.law" tabindex="11015">Free Law Project</a>.</p> </div> </footer> </div> <div class="text-center hidden-print" id="social-container"> <a href="https://free.law/" class="fa-stack fa-lg" tabindex="12000"> <i class="fa fa-circle fa-stack-2x gray"></i> <i class="fa fa-link fa-stack-1x fa-inverse"></i> </a> <a href="https://x.com/freelawproject" rel="noreferrer" class="fa-stack fa-lg" tabindex="12001"> <i class="fa fa-circle fa-stack-2x gray"></i> <i class="fa fa-twitter fa-stack-1x fa-inverse"></i> </a> <a href="https://donate.free.law/np/clients/freelawproject/subscribe.jsp?subscription=9" class="fa-stack fa-lg" tabindex="12002"> <i class="fa fa-circle fa-stack-2x gray"></i> <i class="fa fa-newspaper-o fa-stack-1x fa-inverse"></i> </a> <a href="https://github.com/freelawproject/courtlistener" rel="noreferrer" class="fa-stack fa-lg" tabindex="12003"> <i class="fa fa-circle fa-stack-2x gray"></i> <i class="fa fa-github fa-stack-1x fa-inverse"></i> </a> </div> <script type="text/javascript" src="https://storage.courtlistener.com/static/js/jquery/jquery-3.4.1.min.220afd743d9e.js"></script> <script type="text/javascript" src="https://storage.courtlistener.com/static/js/bootstrap.min.6c1ad0cd7c72.js"></script> <script type="text/javascript" src="https://storage.courtlistener.com/static/js/base.f78fd1a1bbda.js"></script> <script type="text/javascript" nonce="Uh8rmTqM8N0vyIwb5B5dTA=="> var isMember = false, userAlertCount = 0, priceRtAlerts = parseFloat(10), maxFreeDocketAlerts = 5, recapBonusAlerts = 10; </script> <script defer type="text/javascript" src="https://storage.courtlistener.com/static/js/jquery.NobleCount.min.b39270d0a2ec.js"></script> <script defer type="text/javascript" src="https://storage.courtlistener.com/static/js/save-notes.82c8dc9c4c77.js"></script> </body> </html>

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Board of Comm'rs of City and County of Denver v. Home Savings Bank, 236 U.S. 101, 35 S. Ct. 265, 59 L. Ed. 485, 1915 U.S. LEXIS 1303 – CourtListener.com