James T. McClelland, Appellant v. the Norfolk Southern Railroad Company, Respondent

Summary

The Court held that the interest coupons detached from the railroad bonds were not negotiable instruments because the bonds contained provisions allowing payment postponement by a majority of bondholders, that bondholders could not anticipate or waive a default before it occurred, and that a written instruction to postpone interest for five years was inoperative and provided no defense to an action on the coupons.