City of New York v. Brooklyn & Manhattan Ferry Co.

This action was brought to recover under a lease of a ferry franchise one-half of the net profits derived from the operation of the ferries amounting, it is claimed, to over $41,000. In its answer, among other, things, the defendant sets up as a second counterclaim an equitable cause of action looking to the return to it of the securities deposited with the city of New York to guarantee the performance of the conditions of the lease, after ascertaining the hen of the city thereon. The judgment dismissed this counterclaim upon the ground that the securities were so deposited as liquidated…