Merrill v. Monticello
Supreme Court of the United States
ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE ' DISTRICT OF INDIANA. This was an action at law by Ábner L. Merrill, a citizen of Massachusetts, against the town of Monticello, in the State of Indiana, upon certain bonds and coupon^ issued by the town and purchased by the plaintiff in open market. The bonds and coupons wpre in form like the following: “ United States of America. “No. 1. State of Indiana. $100. “Funding Bond of the Town of Monticello.
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ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE ' DISTRICT OF INDIANA. This was an action at law by Ábner L. Merrill, a citizen of Massachusetts, against the town of Monticello, in the State of Indiana, upon certain bonds and coupon^ issued by the town and purchased by the plaintiff in open market. The bonds and coupons wpre in form like the following: “ United States of America. “No. 1. State of Indiana. $100. “Funding Bond of the Town of Monticello. “ Ten years after date, the town of Monticello, in the county of "White, State of Indiana, promises to pay to the bearer, at the…
1Opinion of the Court
Mr. Justice Lamar,
after stating the case as above reported, delivered, the opinion, of the court.
The decisive question presented by the record in this case is, did the town of Monticello have authority, under, the laws of Indiana, to issue for sale in open market negotiable securities in the forms of the bonds and coupons on which recovery is here sought? Chancellor Kent, in his Commentaries, vol. 2, 298, 299, referring to the strictness with which corporate powers are construed, irrespective, of the distinction between public and private corporations, uses the following language: •“ The…
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