Tolman v. Board of Com'rs

Citations

• 140 F. 89
• 1905 U.S. App. LEXIS 4759

Syllabus

<p>Counties — Issuance of Bonds to Railroad — Validity under North Carolina Statute.</p> <p>Bonds in aid of a railroad were issued by a county of North Carolina after an election held in conformity with the act authorizing the same, and which was legal and valid under the decisions of the Supreme Court of the state, and the county paid the interest thereon for a number of years. Complainant purchased such bonds for value, and without notice of any defect therein. Held, that they were valid in his hands, and that taxes levied and collected by the county to pay the interest thereon in compliance with law were held by the county treasurer as the agent and trustee of complainant, and it was his duty to pay the same over on presentation of the coupons.</p>