Board of Com'rs v. Irvine

Citations

• 126 F. 689
• 61 C.C.A. 607
• 1903 U.S. App. LEXIS 4354

Syllabus

<p>1 Subrogation — Holders of Void Municipal Bonds.</p> <p>Bona fide purchasers, in open market, for full value, of county bonds issued in payment of outstanding warrants, which were surrendered to the county and canceled, where such bonds have been adjudged void for want of power in the county to issue the same, are entitled to be subrogated in equity to the rights of the original warrant holders.</p> <p>2. Jurisdiction of Federal Courts — Suit by Assignee — County Warrants.</p> <p>County warrants payable to bearer are choses in action made by a corporation, and under section 1 of the judiciary act of March 3, 1887, c. 373, 24 Stat. 552, as amended by Act Aug. 13, 1888, c. 866, 25 Stat. 433 [U. S. Comp. St. 1901, p. 509], a holder thereof who is a citizen of another state may maintain an action against the county to recover thereon in a federal court, regardless of the citizenship of the original holders.</p> <p>8. Equity Jurisdiction — Suit to Enforce Canceled Warrants.</p> <p>Equity has jurisdiction of a suit by a holder of void county bonds, issued in payment of warrants which were surrendered and canceled and destroyed by the county, to rescind the agreement by which such cancellation was effected, and to enforce payment of the warrants by the county.</p> <p>4. Limitation — Void County Bonds — Action on Original Consideration.</p> <p>Limitation does not begin to run against a suit by a holder of void county bonds, issued in exchange for outstanding warrants, to rescind the transaction and enforce the warrants, until the bonds are repudiated by the county.</p> <p>5. Evidence — Public Records.</p> <p>A decree will not be reversed because the trial judge excluded from consideration a public record on the ground that it was entirely untrustworthy, where it showed erasures and alterations affecting the matters in issue which were unexplained; nor for the exclusion of another book, also offered as a public record, but which was not identified as such by a public cust