Reports of Cases Argued and Determined in the Court of Appeals of Maryland (Volume 73)
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Reports of Cases Argued and Determined in the Court of Appeals of Maryland (Volume 73)

Reports of Cases Argued and Determined in the Court of Appeals of Maryland (Volume 73)


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Book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1891. Not illustrated. Excerpt: ... Brown, et al. vs. Chesapeake and Ohio Canal Co. Co., 32 Md., 501, in construing this provision of the Act, it was held by the Court of Appeals, that the company was not restricted to the use of the earnings in hand, but if emergency arose to meet which the receipts were insufficient, it could anticipate future earnings, and issue bonds upon the pledge thereof, with a lien preferred and superior to all prior liens upon such future earnings. To that extent, at least, there would seem to be no ground for objection to the provisions of the Act of 1878; for to that extent there was power reserved to the company by contract between itself, the State, and the bondholders under the Act of 1844. But it is objected that the Act of 1878 goes further than the mere pledge of the future tolls and revenues of the company, and puts in pledge and subjects to mortgage the canal, and all the property and franchises of the company, coupled with a power of sale. To this there are two objections taken. First, that the Legislature had no constitutional power to waive the State's lien upon the corpus of the work, and to dispose of the interest of the State in the canal and franchises of the company, in the manner and to the extent that was attempted to be done by the Act of 1878; and second, if such power was possessed by the Legislature, the State was estopped and precluded from the exercise of that power, by force of the contract embodied in the Act of 1844, ch. 281, with the bondholders under that Act. The first objection raised to the Act of 1878, depends upon the proper construction of the terms of section 3 of Article 12 of the Constitution of this State. Article 12 has relation exclusively to the powers and duties of the Board of Public Works. It does not profess, in any of its prov...


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Product Details
  • ISBN-13: 9781154215571
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 216
  • Spine Width: 12 mm
  • Width: 189 mm
  • ISBN-10: 1154215571
  • Publisher Date: 04 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 395 gr


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