Green County v. Conness

Citations

• 109 U.S. 104
• 3 S. Ct. 69
• 27 L. Ed. 872
• 1883 U.S. LEXIS 937

Syllabus

<p>JPrcmchises — Municipal Bonds — Municipal Corporation — Railroads.</p> <p>1.. The court adheres to its former rulings in regard to the liability of municipal corporations to innocent holders of the bonds of such corporations, issued in aid of railroads. Douglas v. Pike County, 101 U. S. 677.</p> <p>2. The rights of such holders are. to be determined by the law as it was judicially construed to be when the bonds were put on the market as commercial paper.</p> <p>3. A consolidation of two railroad corporations merges the franchises and privileges of each in the -new company, so that they continue to exist in respect to the roads thus consolidated.</p>