Blanton v. Board of Commissioners
Supreme Court of North Carolina
This is a civil action which was tried before Clark, J., at Fall Term, 1888, of McDowell Superior Court. Under and by virtue of section 47 of chapter 228 of the act incorporating “ The Western North Carolina Railroad Company,” passed at the session of the General Assembly held in 1854-55, the county of McDowell, with the approval of a majority of the voters, subscribed for §50,000 of its capital stock, and in payment therefor issued its coupon bonds in that amount, running…
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This is a civil action which was tried before Clark, J., at Fall Term, 1888, of McDowell Superior Court. Under and by virtue of section 47 of chapter 228 of the act incorporating “ The Western North Carolina Railroad Company,” passed at the session of the General Assembly held in 1854-55, the county of McDowell, with the approval of a majority of the voters, subscribed for §50,000 of its capital stock, and in payment therefor issued its coupon bonds in that amount, running twenty years and bearing six per cent, per annum interest, payable semi-annually. The bonds were issued in 1867, and at…
1Opinion of the CourtSmith, C. J.
(after stating the case.) It is perfectly manifest that in the issue of the new bonds in place of those that had matured, it was not intended to surrender any security which the creditor had for the debt by a novation of the one for the other, but to maintain the indebtedness as essentially one and the same in the different forms assumed. The security possessed in the capacity of the taxing power, when necessary to provide means to pay the obligations, to go beyond the limits fixed in the Constitution, and repeatedly asserted as incident to obligations entered into before the adoption of the…
2Cases cited6 opinions
- Hyman v. . Devereux and OthersSupreme Court of North Carolina · 1869
- Kidder v. . McIlhennySupreme Court of North Carolina · 1879
- Wilson v. . PattonSupreme Court of North Carolina · 1882
- Clifton v. . WynneSupreme Court of North Carolina · 1879
- Katzenberger v. AberdeenSupreme Court of the United States · 1887
1 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Hotchkiss v. MarionMontana Supreme Court · 1892
- In re State to Issue Bonds to Fund IndebtednessSupreme Court of Oklahoma · 1912
- Bank v. . Bryson CitySupreme Court of North Carolina · 1938
- State v. City of OkeechobeeSupreme Court of Florida · 1930
- Trustees of the Goldsboro Graded School v. BroadhurstSupreme Court of North Carolina · 1891
7 more not listed; retrieve them via the Exa API.