New Albany v. Burke
Supreme Court of the United States
Appeal from the Circuit Court for the District of Indiana; the case being thus: Burke and others, complainants in the court below, were equitable owners of a judgment recovered on the 14th day of November, 1857, in the Circuit Court of Floyd County, Indiana, against the New Albany and Sandusky City Junction Railroad Company, an insolvent corporation.
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Appeal from the Circuit Court for the District of Indiana; the case being thus: Burke and others, complainants in the court below, were equitable owners of a judgment recovered on the 14th day of November, 1857, in the Circuit Court of Floyd County, Indiana, against the New Albany and Sandusky City Junction Railroad Company, an insolvent corporation. The judgment was obtained in a suit brought by certain trustees to foreclose a mortgage given by the company to secure the payment of 110 bonds of $1000 each, and such proceedings were bad in the suit that there was not only a decree of…
1Opinion of the CourtJustice Strong
Assuming that the subscription .made by the city to the capital stock of the company in 1853, though undoubtedly •invalid at first, became valid by the ratification ordinance adopted March 7, 1855; that thereby the chy came under obligation to give its bonds to the company in payment for the stock, so far as they had not already been given, we come directly to the question, what was the effect of the arrangement made in August and September, 1857? Here the situation of the parties at the time is of importance to be considered.
The railroad company had undertaken to build a railroad ■from New…
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- Moore v. BoydCalifornia Supreme Court · 1887
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