Woodruff v. Town of Okolona
Mississippi Supreme Court
Ebbob to the Circuit Court of Chickasaw County. Hon. J. A. Gbeen, Judge. A demurrer of the town of Okolona was sustained to a declaration by the plaintiff in error in debt upon certain coupons detached from bonds, issued by the town in pursuance of “ An Act to aid in the construction of the Grenada, Houston and Eastern Kailroad,” approved Feb. 10,1860 (Acts 1859-60, p. 412), and an amendatory act of March 25, 1871. (Acts 1871, p. 180). The recital in the bonds that they were…
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Ebbob to the Circuit Court of Chickasaw County. Hon. J. A. Gbeen, Judge. A demurrer of the town of Okolona was sustained to a declaration by the plaintiff in error in debt upon certain coupons detached from bonds, issued by the town in pursuance of “ An Act to aid in the construction of the Grenada, Houston and Eastern Kailroad,” approved Feb. 10,1860 (Acts 1859-60, p. 412), and an amendatory act of March 25, 1871. (Acts 1871, p. 180). The recital in the bonds that they were issued in pursuance of the acts of 1860 and 1871 is conclusive in favor of a bona fide holder, as a buyer was not bound…
1Opinion of the CourtCampbell, J.
We decide this case on the first cause assigned in support of the demurrer, and decline to consider any other question. This cause is, that the coupons were annexed to bonds that were illegal and void, because the law authorizing the town to issue bonds provided for their being made payable at a time “ not to extend beyond ten years from the date of issuance,” and that the bonds were made payable twenty years from their date of issuance. The effect of sections 4 and 5 of the act authorizing bonds to be issued by the town of Okolona was to limit the time when the bonds should be made payable…
2Cases cited5 opinions
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- Board of Comm'rs of Knox Cty. v. AspinwallSupreme Court of the United States · 1859
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- Township of Rock Creek v. StrongSupreme Court of the United States · 1878
- Supervisors v. GalbraithSupreme Court of the United States · 1879
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