William Henry Moody

“ That case did not decide that there was a presumption of performance arising out of the length of time during which no claim was made in respect of the Elizabethtown & Tennessee Railroad subscription, but that there was a presumption of performance before the issue of the bonds. When we come to look at the facts found by the circuit court there is nothing to rebut this presumption. On the contrary, everything tends to support it. Even the wide range of the argument for the defendant did not suggest a single fact which could, to the slightest extent, control the presumption. ”

“ Assuming that any defense is open of which the holder might have had notice by inspecting the law, vote, and the records of the county court, it would come to nothing, because such an inspection would have shown that no defense to the payment of the bonds existed.
We need not consider what would have been the situation if the bonds were still in the hands of the railroad and it were bringing action upon them, and an attempt had been made to set up against their amount the damages resulting from the railroad's failure to perform the agreement with respect to construction. ”

“ This general rule of interpretation often makes it manifest that that which is called a condition is really but a covenant or agreement, to be performed independently of the counter obligation with which it is associated. ”