Travelers' Ins. v. Mayor of Johnson City
Court of Appeals for the Sixth Circuit
In Error to the Circuit Court of the United States for the Eastern District of Tennessee. This was a suit at law by the Travelers’ Insurance Company to recover from the mayor and aldermen of Johnson City $50,000 and interest from January 5, 1¡S92, as money had and received to the use of the defendants.
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In Error to the Circuit Court of the United States for the Eastern District of Tennessee. This was a suit at law by the Travelers’ Insurance Company to recover from the mayor and aldermen of Johnson City $50,000 and interest from January 5, 1¡S92, as money had and received to the use of the defendants. The case made in the declaration was: That under the act of the general assembly of the state of Tennessee, providing: “That any county, incorporated city or town, may become a stockholder in any railroad company incorporated under the general laws of this state, to an amount not exceeding, in…
1Opinion of the CourtTapt, Circuit Judge
(after stating the facts as above). The averments of the declaration that the railroad company whose stock *666was subscribed for by the defendants was a Tennessee corporation, and that the plaintiff was a bona -fide purchaser for value, without notice of any infirmity in the bonds, and that the defendants were estopped by the recitals in their bonds from denying that the railroad company wTas a Tennessee corporation, lend no legal force to it, in the face of its other averments, which show that those very questions of fact and law were decided adversely to the plaintiff in an action to which the…
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