William B. Hibbs, Appellant v. Alexander Brown, Respondents

Summary

The Court affirmed the lower court, holding that the respondents acquired the bond and coupons for value without notice, that the trust‑deed provisions do not defeat negotiability of the coupons, and that bonds issued by a joint‑stock association remain negotiable despite an exemption of shareholders from personal liability. Several concurring opinions agreed with the result but differed on the reasoning concerning the exemption clause.