People's Savings Bank v. Borough of Norwalk

16 A. 257, 56 Conn. 547, 1888 Conn. LEXIS 46
CourtSupreme Court of Connecticut
DecidedJuly 7, 1888
StatusPublished
Cited by11 cases

This text of 16 A. 257 (People's Savings Bank v. Borough of Norwalk) is published on Counsel Stack Legal Research, covering Supreme Court of Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
People's Savings Bank v. Borough of Norwalk, 16 A. 257, 56 Conn. 547, 1888 Conn. LEXIS 46 (Colo. 1888).

Opinion

Loomis, J.

The plaintiff, on the first day of July, 1886, was the owner by purchase of fifty bonds, each for one thousand dollars, known as water-fund bonds, issued in the year 1871 by the defendant borough upon authority granted by the General Assembly, and bearing date July 1, 1871. These bonds were a part of an authorized issue of bonds to the amount of $175,000, all of that date, and put upon the market together, and had interest coupons attached, payable half yearly on the first days of January and July at the rate of seven per cent, per annum. The bonds contained the promise of the borough to pay their amounts on the first ■ day of July, 1896, at the Fairfield County National Bank in the borough of Norwalk, and also interest semi-annually at the rate of seven per cent, per annum, on the presentation of the coupons at.the same bank and their surrender. The bonds contained also the following clause:—“Sec. 4. This [554]*554obligation is redeemable in full at the pleasure of said borough of Norwalk at any time after July 1,1886, and before maturity, upon payment of the principal sum and interest accrued at the time of such redemption.”

The borough availed itself of this right to redeem the bonds before maturity, and gave public notice that they would be paid on presentation at the bank named and on surrender of the bonds, on the second day of July, 1886. The borough deposited with the bank in question the amount of the principal of the entire issue of the bonds, and the other holders of them presented their bonds at the bank and' accepted the principal in full payment of the same. The interest coupons, due the day before, were separately provided for and were paid, including those held by the plaintiff, and no question arises in the case with regard to them.

The plaintiff, on the nineteenth of July, presented its fifty bonds at the bank and demanded payment of the principal and of the interest at seven per cent, from the first day of July to that date. The bank denied the right of the plaintiff to any interest after the first day of July, and refused to pay anything beyond the principal of the bonds, and this the plaintiff refused to receive, and the present suit was afterwards brought upon the bonds.

A question was made before the jury as to whether the plaintiff received notice of the call for the bonds by the borough on or before the second day of July, or not until the 19th, the plaintiff contending that the latter was the fact and the defendant the former. This question, however, becomes wholly unimportant in .the present position of the ease. The plaintiff was clearly entitled, if notice of the call had been seasonably received and it had presented the bonds on the second day of July, to one day’s interest, amounting to |9.72. The jury, in its verdict, found this interest to be ■due, and the plaintiff does not complain of its insufficiency, while the defendant has no ground of complaint.

The judge charged the jury that if they found that the savings bank had notice that the bonds were called and [555]*555that there was not money enough in the Fairfield County Bank on that day to pay the bonds in full, principal and interest, then their verdict should be for the plaintiff for the $50,000, and interest thereon for one day at seven per cent, added, and then interest on this sum at six per cent, from the 2d day of July to the time of trial. The jury returned the following verdict:—“In this case the jury finds the issue for the plaintiff, and therefore finds for the plaintiff to recover of the defendant $50,000, and interest for one day, to the amount of $9.72; making in all $50,009.72 damages, and his costs.” The court did not accept the verdict, but said to the jury that, as it appeared that they had omitted to compute the ’ interest up to the time of trial, they might again retire and make such computation. The verdict was handed back to the foreman and the jury again retired to their room, where they remained from fifteen to thirty minutes. When they again returned to court their names were again called and they were asked if they had agreed on a verdict; the foreman answered that they had; and handed to the clerk a verdict for the plaintiff for $54,748.81. This the clerk took and read aloud. ' The court accepted it and ordered it recorded. Thereupon the clerk, addressing the jury, said:—“Gentlemen of the jury,—Listen to your verdict as accepted by the court and ordered to be recorded.” He then read it aloud and said, “ This is your verdict; so say you all; ” to which the jurors all assented.

The instructions given to the jury by the judge in returning to them the verdict, that they should add interest at six per cent, from the 2d day of July, are excepted to as being an assumption on the part of the judge of a right to dictate to the jury the terms of their verdict, which is wholly unwarranted in law, and that the instructions were erroneous if they had been otherwise unexceptionable. It is contended that the judge, upon refusing to accept the verdict, could only send the jury back to a further consideration of the whole case, leaving them to bring in such a verdict as, upon a proper statement to them of the law, they might upon consultation agree upon. The verdict, it is said, may [556]*556have been a compromise one, those of the jurors who preferred to bring in a verdict for the defendant, or for only the principal of the bonds, consenting to a merely nominal addition of interest, and that, if the verdict was to be for a larger sum, they might not have assented to it.

, But it is clear, in the first place, that the verdict cannot have been a mere compromise one, in the ordinary sense of that term, where the amount is arrived at by no rule furnished by the evidence but upon some computation of the average of different sums, for here the verdict states expressly that it is made up of the $50,000 principal and of oneMay’s interest upon that sum at seven per cent., and that the issue is found for the plaintiff. It is not to be presumed that a jury, who had arrived at such a point in their conclusions, could afterwards bring in a verdict for the defendant, or one for the principal without the interest. The verdict must be taken as settling the point that the jury had decided the case for the plaintiff and that it was entitled to one day’s interest. This conclusion is not only strengthened, but we might say is made'unavoidable, by the fact, that a verdict that did not allow the plaintiff this one day’s interest could not have stood for a moment.

But it is said that the court had no right to direct the jury to add the later interest, but could only instruct them as to the law and leave them to make their own verdict. But where the judgment in a case heard before a jury depends wholly on a question of law, so that any' other verdict than the one so required would inevitably be set aside upon review, it has long been the practice for the judge to direct the jury to bring in a particular verdict. It is merely reaching more speedily and directly a result which would inevitably be reached in the end. In this case, if the plaintiff was entitled to a finding of the issue in its favor, it was absolutely entitled to interest on the amount found due on the bonds down to the time of trial. Any other result would have involved an error that would have been sufficient ground for setting aside the verdict. It was a case there[557]*557fore where a judge might properly direct a jury to add this interest to the amount of their verdict.

But the judge did not in fact direct the jury in the matter.

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Cite This Page — Counsel Stack

Bluebook (online)
16 A. 257, 56 Conn. 547, 1888 Conn. LEXIS 46, Counsel Stack Legal Research, https://law.counselstack.com/opinion/peoples-savings-bank-v-borough-of-norwalk-conn-1888.