City of Seymour v. Municipal Acceptance Corp.

LOONEY, Justice.

Municipal Acceptance Corporation, of Chicago, Ill., sued the city of Seymour, Baylor county, Tex., a municipal corporation, upon a series of warrants issued by the city to Fairbanks Morse & Co., Inc., also of Chicago, Ill. (subsequently the warrants were transferred to plaintiff), evidencing the purchase price of an electric light and power plant erected by payee for the city under the terms of and as authorized by articles 1111 to 1118, R.C.S., inclusive, as amended, and also to foreclose an alleged contract and statutory lien upon the plant and its revenues. On trial before…