Woodruff v. State

Citations

• 66 Miss. 298

Syllabus

<p>1. Debts, How Payable. Payment in gold coin.</p> <p>All debts made payable in dollars, are payable in legal tender treasury notes, but an obligation payable “ in gold coin,” can be discharged only according to its terms.</p> <p>2. Corporate Power. Levee board, district No. 1. Ponds payable in gold coin, ultra vires.</p> <p>Under the act creating the levee board of the state of Mississippi, district no. 1, approved March 17, 1871 (Acts 1871, p. 37), and authorizing the said board to issue bonds, it had no authority to issue bonds payable “ in gold coin,” and its action in issuing such bonds was ultra vires.</p> <p>3. Same. Same. Void ab initio.</p> <p>The bonds of the said board thus issued and payable “in gold coin,” are absolutely void.</p>