State v. Wilmington Bridge Co.
Court of Chancery of Delaware
Bill in equity against a corporation for an account AND FOR PAYMENT OF AN EXCESS OF TOLLS DUE TO THE STATE under its charter.—Under the provisions of the Act of the General Assembly incorporating the Wilmington Bridge Company the State of Delaware reserved to itself any excess of tolls to be received by the company over ten per cent, of its capital stock, and directed that such excess should be paid over to the Trustee of the School Fund, for the use and benefit of that…
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Bill in equity against a corporation for an account AND FOR PAYMENT OF AN EXCESS OF TOLLS DUE TO THE STATE under its charter.—Under the provisions of the Act of the General Assembly incorporating the Wilmington Bridge Company the State of Delaware reserved to itself any excess of tolls to be received by the company over ten per cent, of its capital stock, and directed that such excess should be paid over to the Trustee of the School Fund, for the use and benefit of that fund. It was made the duty of the company to give notice to the Trustee of any such excess, as the same should from time to…
1Opinion of the Court
Johns, Jr., Chancellor.
I am of opinion that this Court has jurisdiction. The charter is the contract between the company and the State. It was accepted with the liability to account for excess of profits over the ten per cent. The direction to pay the same to the Trustee of the School Fund was nothing more than the designation and appointment of a person to receive it; and the remedy which he was authorized to adopt applied to the recovery of the excess when it occurred, of which it was the duty of the corporation to apprise the Trustee. The further power of inspecting the books could only be…
2Cited by3 opinions
- Theisen v. HoeyCourt of Chancery of Delaware · 1947
- Illinois Finance Co. v. Interstate Rural Credit Ass'nCourt of Chancery of Delaware · 1917
- Wolf v. Globe Liquor Co.Court of Chancery of Delaware · 1948