(DOWNLOAD) "Galveston Railroad v. Cowdrey" by United States Supreme Court # eBook PDF Kindle ePub Free
eBook details
- Title: Galveston Railroad v. Cowdrey
- Author : United States Supreme Court
- Release Date : January 01, 1870
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 73 KB
Description
Messrs. B. R. Curtis, C. B. Gooderich, and W. P. Ballinger, for the railroad company; Messrs. Albert Pick and R. W. Johnson, for Pulsford; Messrs. Grant and W. G. Hale, for Cowdrey and others. The first objection made by the defendants to the decree is, that the mortgages under which the complainants claim are not valid for want of capacity in the railroad company to make them. It is admitted that the charter authorizes the company to mortgage certain real estate, which it was authorized to acquire for the purpose of aiding in the construction or maintenance of the road. But they insist that this power applies to outside real estate procured as ancillary to the main design of building the road, and does not apply to the right of way and track of the railroad. But we think it is general, and applies to any real estate which the company might acquire in any way. This construction is aided by the other powers conferred by the charter, as that of borrowing money on bond or note, and of doing all acts necessary and proper for or incident to the fulfilment of their obligations. And it is expressly declared that all conveyances and contracts executed in writing, signed by the president and countersigned by the treasurer, or any other officer duly authorized by the directors, under seal of the company, and in pursuance of a vote of the directors, shall be valid and binding. If it were necessary to look into the charter for express power to borrow money and mortgage its property to secure the payment thereof, we think the power is found therein.