Ackley School District v. Hall, 113 U.S. 135 (1885), was a suit to recover principal and interest claimed to be due the defendant on negotiable bonds issued by the plaintiff. Municipal bonds issued under the authority of law for the payment at all events to a named person or order a fixed sum of money at a designated tune therein limited, being endorsed in blank, is a negotiable security. Its negotiability is not affected by a provision of the statute under which it was issued that it should be "payable at the pleasure of the district at any time before due." Judgment was affirmed.