Mercer County v. Provident Life & Trust Co. of Philadelphia
Court of Appeals for the Sixth Circuit
Error to the Circuit Court of the United States for the District of Kentucky. This was an action by the Provident Life & Trust Company of Philadelphia against the county of Mercer, in the state of Kentucky, on certain county bonds. There was a judgment for plaintiff, and defendant brings error.
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Error to the Circuit Court of the United States for the District of Kentucky. This was an action by the Provident Life & Trust Company of Philadelphia against the county of Mercer, in the state of Kentucky, on certain county bonds. There was a judgment for plaintiff, and defendant brings error. Tlio county of Mercer subscribed for stock in the Lo-uisville Southern Railroad Company to the extent of $125,000, and issued in payment therefor 125 bonds, each for $1,000, dated January 10, 1887, payable in 30 years, with interest payable semiannually, at 5 per cent., for which coupons were attached.…
1Opinion of the CourtBurton, Circuit Judge
The primary question which is to be decided is this: Were the •bonds now held by the appellee corporation issued without authority of law, and in violation of the restrictions and conditions imposed by the act of May 16, 1886, heretofore set out, and under which they purport to have been issued? If they were issued in violation of the substantial provisions of the permissive act, they were void, unless they have fallen into the hands of an innocent purchaser for value, and the requisite circumstances exist to constitute an estoppel, precluding the county from showing that in fact they were…
2Cases cited32 opinions
- Norton v. Shelby CountySupreme Court of the United States · 1886
- Merchants' Bank v. State BankSupreme Court of the United States · 1871
- Marsh v. Fulton CountySupreme Court of the United States · 1871
- The Floyd AcceptancesSupreme Court of the United States · 1869
- Dixon County v. FieldSupreme Court of the United States · 1884
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3Cited by4 opinions
- Louisville Trust Co. v. Louisville, N. A. & C. R. Co.Court of Appeals for the Sixth Circuit · 1896
- Southern Railway Co. v. HatchettCourt of Appeals of Kentucky · 1917
- Green County v. ShortellCourt of Appeals of Kentucky · 1903
- Chilton v. Town of GrattonU.S. Circuit Court for the District of Nebraska · 1897