City of Opelika v. Daniel
Supreme Court of Alabama
Appeal from the Chancery Court of Montgomery. Heard before the Hon. Huriosco Austill. The facts are contained in the opinion. 1. The equity of the bill is unassailable.
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Appeal from the Chancery Court of Montgomery. Heard before the Hon. Huriosco Austill. The facts are contained in the opinion. 1. The equity of the bill is unassailable. It rests on the familiar doctrine that, although the bonds have been declared void, they are negotiable paper, payable to the bearer, not yet due, and may pass into the hands of bona fide holders for value, who may subject the city of Opelika to harrassing suits and expensive annoyance.—1 Vesey, 3; 1 John’s Chan. Hep. 517 ; 1 Story Eq. Jur. §§ 695 to 705-706 ; Higb on Inj. §§ 7097-12; 24 Ala. 355; Willard’s Eq. Jnr. 358-361; 9…
1Opinion of the Court
MANNING, J.—
In this cause, the prayer for an injunction, and other relief, is based on two grounds. One of them is, that the “ act to authorize the several counties, and towns and cities of the State of Alabama, to subscribe to the capital stock of such railroads throughout the State as they may consider most conducive to their respective interests,”—approved December 31st, 1868,—was not passed in conformity with the constitution; and that the city bonds of Opelika, now in controversy and purporting to have been issued by virtue of said act, are therefore void. But it has very lately been…
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