Bank of Mobile v. Mobile & Ohio Railroad
Supreme Court of Alabama
Appeal from Mobile Chancery Court. Heard before Hon. H. Austill. The bill in this cause was filed on tlie 7th of August, 1880, by The President, Directors and Company of the Bank of Mobile, a corporation under the laws of this State, against the Mobile and Ohio Railroad Company, a corporation created by and existing under the laws of Alabama, Mississippi and other States, and the town of Starkville, located in, and a municipal corporation under the laws of, the State of…
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Appeal from Mobile Chancery Court. Heard before Hon. H. Austill. The bill in this cause was filed on tlie 7th of August, 1880, by The President, Directors and Company of the Bank of Mobile, a corporation under the laws of this State, against the Mobile and Ohio Railroad Company, a corporation created by and existing under the laws of Alabama, Mississippi and other States, and the town of Starkville, located in, and a municipal corporation under the laws of, the State of Mississippi; and the case made thereby may be stated as follows: The town of Stark-ville, under authority conferred by the…
1Opinion of the CourtStone, J.
When the town of Starkville issued its bonds, and placed them with the Mobile and Ohio Railroad Company as guaranty and security for the payment of the twenty-five thousand dollars stock it had subscribed in said -railroad corporation, there can be no question that the railroad company retained the control of the stock, in the nature of a lien, to secure'the payment of the bonds. In other words, the town of Starkville could not compel the railroad company to issue the certificates of stock, except as it first made payment of the bonds. And it may be conceded that when the railroad company…
2Cases cited18 opinions
- Chamberlain v. GaillardSupreme Court of Alabama · 1855
- Winston v. BrowningSupreme Court of Alabama · 1878
- Broughton v. MitchellSupreme Court of Alabama · 1879
- Durr v. JacksonSupreme Court of Alabama · 1877
- Bobe's Heirs v. StickneySupreme Court of Alabama · 1860
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3Cited by5 opinions
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- Cardwell v. City of DothanSupreme Court of Alabama · 1930
- Brown v. LongSupreme Court of Alabama · 1916
- Johnson v. OdomAlabama Court of Appeals · 1914