Barnum v. Town of Okolona
Decision Date | 03 April 1893 |
Docket Number | No. 154,154 |
Citation | 37 L.Ed. 495,148 U.S. 393,13 S.Ct. 638 |
Parties | BARNUM v. TOWN OF OKOLONA |
Court | U.S. Supreme Court |
Action of debt by Frank D. Barnum against the town of Okolona to recover upon certain municipal bonds issued in aid of the Grenada, Houston & Eastern Railroad Company. The court sustained a demurrer to the declaration, and plaintiff brings error. Affirmed.
Statement by Mr. Justice SHIRAS:
E. H. Bristow and W. B. Walker, for plaintiff in error.
R. O. Reynolds, W. T. Houston, Thos. J. Buchanan, Jr., and D. W. Houston, for defendant in error.
Mr. Justice SHIRAS, after stating the facts in the foregoing language, delivered the opinion of the court.
The act of March 25, 1871, of the state of Mississippi, authorized certain counties, cities, and towns to aid in the construction of the Grenada, Houston & Eastern Railroad, by subscribing for capital stock of the company organized to build and maintain that railroad
The fourth and fifth sections of said act were as follows:
In pursuance of the powers so conferred, the town of Okolona subscribed for stock in the said company, and paid for the same by executing and delivering to the railroad company its bonds, bearing date September 1, 1871, with coupons attached payable in New York city, to bearer, and maturing at from 11 to 17 years after their date. The bonds recite that they are 'issued and delivered to the Grenada, Houston and Eastern Railroad Company by the town of Okolona, to meet and pay off the amount subscribed by said town to the capital stock of the railroad company aforesaid.'
Frank D. Barnum, a citizen of Tennessee, brought an action of debt against the town of Okolona at the April term, 1889, of the district court of the United States for the northern district of Mississippi, and averred in his declaration that he was the holder and owner for value, and before the maturity thereof, of 16 bonds of said town, with their coupons...
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