BILLS AND NOTES - NEGOTIABLE DESPITE REFERENCE TO TRUST AGREEMENT

Authors

Abstract

In an action of replevin for the recovery of stolen debenture bonds, the defense relied upon the contention that the bonds were negotiable and that they had been bought by an innocent purchaser. The bonds in terms referred to a trust agreement "for a statement of the terms under which the said debentures are issued, and the rights. and obligations of the company, of the trustee and of the respective holders of the said debentures under the said trust agreement." It was further provided in the bonds that "to the extent provided in the said trust agreement all rights of action upon this debenture are vested in the trustee." It was held that the bonds were negotiable. Pflueger v. Broadway Trust & Savings Bank, (Ill. 1932), 184, N. E. 318.

Recommended Citation

BILLS AND NOTES - NEGOTIABLE DESPITE REFERENCE TO TRUST AGREEMENT, 31 Mich. L. Rev. 986 (1933).
Available at: https://repository.law.umich.edu/mlr/vol31/iss7/14