The Chicago Board of Education had issued a certain series of refunding bonds, and later defaulted on interest coupons, numbered 16, attached to the bonds. Prior to the present suit a suit in equity had been instituted against the board by some of the owners of these bonds, on behalf of themselves and all other owners of bonds in this series, in which they prayed for judgment for the amount of interest due to each owner, together with costs, and attorney's fees. Defendant made a motion, to dismiss that suit on the ground that such action could not be maintained as a class suit, but the motion was denied. The Newberry Library, plaintiff in the present suit, though an owner of bonds in the same series, did not appear as party to the prior suit. While the prior suit was still pending, the Newberry Library brought the present action at law and sought judgment on the coupons, numbered 16, attached to bonds of the same series owned by it. The defendant filed a motion in the nature of a plea in abatement on the theory that the library was by representation a party to the equity suit, and there was therefore another suit pending between the present parties on the same cause of action. Held, an action to recover interest on certain bonds brought by the owner thereof in behalf of himself and all other owners of bonds of the same series is not a proper "class" or "representative" suit; and a decree in such an action would not be res judicata as to bond owners who did not join. Newberry Library v. Board of Education of City of Chicago, (Ill. 1944) 55 N.E. (2d) 147.
PARTIES - WHETHER ACTION FOR MONEY JUDGMENT BY HOLDER OF UNSECURED BONDS CONSTITUTES "CLASS" SUIT BINDING ON ALL OWNERS OF THAT SERIES WHO DID NOT APPEAR,
Mich. L. Rev.
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