Atlantic, Tennessee & Ohio Railroad v. Carolina National Bank
Supreme Court of the United States
In Maj7, 1862, the Atlantic, Tennessee and Ohio Railroad Company, a corporation chartered by the State of North Carolina, issued its coupon bonds, in sums of §500, to the amount of §161,000, payable at different periods from November, 1869, to November, 1875, with interest at the rate of six per cent, a year, payable semi-annually.
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In Maj7, 1862, the Atlantic, Tennessee and Ohio Railroad Company, a corporation chartered by the State of North Carolina, issued its coupon bonds, in sums of §500, to the amount of §161,000, payable at different periods from November, 1869, to November, 1875, with interest at the rate of six per cent, a year, payable semi-annually. The bonds were indorsed and their payment guaranteed by the Charlotte and South Carolina Railroad Company, a corporation also chartered by the State of North Carolina; and they stated on their face that they might be converted into the stock of the company issuing…
1Opinion of the CourtJustice Field
The question presented, and the sole question under the pleadings, is whether the bonds issued in May, 1862, of the Atlantic, Tennessee and Ohio Railroad Company, a corporation created by the State of North Carolina, were solvable in Confederate notes or in the legal currency of the United States. The company, in its answer, expresses a readiness to pay in legal currency the equivalent of the bonds, if their values be estimated upon the assumption that the bonds were payable in Confederate notes.
In support of the position taken by the company, and the trustees representing the company,…
2Cited by22 opinions
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- In re Curtis & Castle ArbitrationSupreme Court of Connecticut · 1894
- Smith v. Texas & New Orleans RailroadTexas Supreme Court · 1908
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