36 Iowa 385 | Iowa | 1873
— The notes sued on are not payable at any fixed time; they are payable at “ such time or times as the directors of said company may agreeably to the charter and by-laws require.” * * * Since the time of payment may be rendered certain, by the action of the directors, they may be regarded as possessing the requisite certainty to constitute them promissory notes ; but they are not by their terms negotiable. There was no proof of any order or requirement by the directors of the company for the payment of any portion of either of the notes. In the absence of such proof, the notes are not due and the plaintiff cannot, of course, recover. In the case of The Am. Ins. Co. v. Schmidt, 19 Iowa, 502, where
Affirmed.