Mobile & Ohio Railroad v. State
Supreme Court of Alabama
Appeal from the Chancery Court at Mobile. Heard before the Hon. Wade Keyes. The material facts shown by the record are these :— Under the act of February 17, 1854, “to aid the Mobile and Ohio Railroad Company,” (Session Acts 1853-4, p. 36,) a loan of $400,000 was made by the State of Alabama to said railroad company, to be repaid in two years ; and the repayment of this loan was secured by a mortgage on bonds of the company,' to the amount of $600,000, conferring a power of…
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Appeal from the Chancery Court at Mobile. Heard before the Hon. Wade Keyes. The material facts shown by the record are these :— Under the act of February 17, 1854, “to aid the Mobile and Ohio Railroad Company,” (Session Acts 1853-4, p. 36,) a loan of $400,000 was made by the State of Alabama to said railroad company, to be repaid in two years ; and the repayment of this loan was secured by a mortgage on bonds of the company,' to the amount of $600,000, conferring a power of sale, in the event of a failure to repay at maturity, on the comptroller and treasurer of the State. On the 12th…
1Opinion of the CourtWalker, J.
It is contended for the railroad company, that by an act of 12th January, 1856, a renewal of the loan was authorized, and that it has done all that was necessary to entitle it to a renewal of the loan under that act. On the other side it is contended, that by an act passed on the 14th February, 1856, other conditions precedent to the loan were prescribed, with which the company- does not in its bill show an offer or a willingness to comply. This position of the State is met by the argument, 1st, that the act of 14th February, 1856, having been passed at the same session of the legislature…
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