Babcock v. Middleton

Citations

• 20 Cal. 643
• 1862 Cal. LEXIS 89

Syllabus

<p>The Act of May 1st, 1851, providing for the funding of the floating debt of the City of San Francisco, authorized a contract between the city and her creditors, and the contract having been executed, its obligation cannot be impaired by any subsequent modification or repeal of the act.</p> <p>The provisions of the act, which are mere legislative modes to give effect to the substantial purposes of the act, may be altered, provided the alteration does not affect the security of the creditors, who have accepted the bonds of the city under the act.</p> <p>The object of the provision of the act requiring & public sale of the property conveyed to the Commissioners of the Funded Debt, when a sale is made, is to secure a fair price from the purchasers. If this object can be accomplished by a sale in any other mode, the obligation of the contract is not impaired by legislation authorizing such other mode.</p> <p>The Act of April I4th, 1862, authorizing the Commissioners of the Funded Debt to compromise and settle certain claims made to real estate held by them, and to convey such real estate, is not unconstitutional. Its only object is to provide a new mode for the disposition of those portions of the property which cannot be advantageously disposed of at public sale, in consequence of existing doubts as to the title of the Commissioners.</p>