Bank of the Old Dominion v. Dubuque & Pacific Railroad
Supreme Court of Iowa
Appeal from the Dubuque District Court: The Bank of the Old. Dominion loaned to the Dubuque & Pacific Railroad Company, twenty thousand dollars, for which the company gave its obligations, in the shape of acceptances, payable at the office of the company in the city of New York, in ninety and one hundred and twenty days.
Read the full summary
Appeal from the Dubuque District Court: The Bank of the Old. Dominion loaned to the Dubuque & Pacific Railroad Company, twenty thousand dollars, for which the company gave its obligations, in the shape of acceptances, payable at the office of the company in the city of New York, in ninety and one hundred and twenty days. To secure the payment of the same, at maturity, the railroad company, according to agreement, forwarded to the bank thirty-four “ land grant construction bonds ” of said company, of one thousand dollars each, to be held by the bank as collatei-al security for the payment of…
1Opinion of the Court
Stockton, J".
-For the railroad company, it is contended that the purchase of the bonds by the bank, was illegal and unauthorized, and that the title did not pass by the sale, but remains in the railroad company, subject to the original agreement between the parties. For the bank, it is contended *280that the title of the bonds became absolute in the bank by the purchase.
There can be no doubt of the power and authority of the plaintiff to sell the bonds of the railroad company, for the payment of the debt; and a sale to'a third person, would have passed the property. But, as was held in the case…
2Cases cited1 opinion
- Davoue v. FanningNew York Court of Chancery · 1816
3Cited by14 opinions
- Buell v. Buckingham & Co.Supreme Court of Iowa · 1864
- Linsley v. StrangSupreme Court of Iowa · 1910
- Corey v. WadsworthSupreme Court of Alabama · 1897
- Appleton v. TurnbullSupreme Judicial Court of Maine · 1891
- Carroll v. Mullanphy Savings BankMissouri Court of Appeals · 1880
9 more not listed; retrieve them via the Exa API.