Fidelity Trust & Guaranty Co. v. Fowler Water Co.
U.S. Circuit Court for the District of Indiana
In Equity. On exceptions to report of special master. This is a suit in equity to procure the foreclosure of a deed of trust executed by the water company to secure the payment of bonds issued by it amounting to $30,000 The deed of trust covers all the tangible property, franchises, and rights of the water company.
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In Equity. On exceptions to report of special master. This is a suit in equity to procure the foreclosure of a deed of trust executed by the water company to secure the payment of bonds issued by it amounting to $30,000 The deed of trust covers all the tangible property, franchises, and rights of the water company. On June 17, 1895, an election was duly had and held by the qualified voters of the town of Fowler to determine whether or not the town should construct a system of waterworks, at which election 283 voted for. and 9 against, such proposed construction. The hoard of trustees…
1Opinion of the CourtBaker, District Judge
(after stating the facts). Whether or not any of the exceptions ought tp be sustained must be resolved by the consideration and determination of three principal questions : First. Is the ordinance rendered invalid, as to the holders of the bonds, by what appears on its face, taken in connection with the recitals in the record of the board of trustees of the town of Fowler at and before the adoption of the ordinance, and its acceptance by the water company? Second. Is the ordinance rendered invalid by the subsequent purchase of the waterworks by the town of Fowler pursuant to the option…
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