Cabaniss v. Ponder
Supreme Court of Georgia
Contracts. Trust. Bankruptcy. Bailment. Municipal corporations. Bonds. Waiver. Before Judge HlLLYER. Monroe Superior Court. February Term, 1879. To the report contained in the decision, it is only necessary to add the following: The town authorities claimed that it was impossible for Pye & Son to comply with their contract because of their total insolvency and bankruptcy.
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Contracts. Trust. Bankruptcy. Bailment. Municipal corporations. Bonds. Waiver. Before Judge HlLLYER. Monroe Superior Court. February Term, 1879. To the report contained in the decision, it is only necessary to add the following: The town authorities claimed that it was impossible for Pye & Son to comply with their contract because of their total insolvency and bankruptcy. They therefore insisted that the bonds in the hands of those brokers should be delivered up for cancellation, and prayed injunction against their use. The assignees, as representing the depositors and general creditors,…
1Opinion of the Court
Jackson, Justice.
The town authorities of Forsyth brought a bill in equity .against Pye & Son, bankers in that town, to subject certain bonds to a claim of the town ; the bonds were the .remnant of bonds issued by the town authorities under .an act of the legislature for the advancement of its educational interests, remaining in the vault of the bank after it broke and the bankers became insolvent, amounting to .some $4.900.00. Pye & Son went into bankruptcy, and the plaintiffs in error were appointed their assignees and made defendants to- the bill, representing the depositors .and general…
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