Reports of Cases At Law And in Chancery Argued ..., volume 32; volume 62
Reports of Cases At Law And in Chancery Argued ..., volume 32; volume 62
Illinois. Supreme Court
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It is manifest that this act was designed to apply to companies wbich might efiect a consolidation afler its passage. Oarrett v. Wiggins, 1 Scam. 335; Thompson v. Alexander, 11 111. 54; Marsh v. Chesnvi, 14 111. 223. In the last case the court declared it to be a serious question, whether the legislature had the constitutional power to enact retroactive laws. ^ The company had the unquestioned right to mortgage its road and property to secure money borrowed, without any regard to the franchise;... upon default in payment, the trustee had the right to sell, and the purchasers at the sale acquired a good and valid title to the property, without any liability for other debts of the company than those secured by the mort- gage. The road and property had been legally transferred to the purchasers, even if the stockholders owned the corporate franchise ; and the latter was of very little benefit to them without the road and its equipments. ^ The purchasers then had obtained rights which could not be taken away or impaired by subsequent legislation ; and to give to this act a retroactive effect would create a new obligation, and impose a new duty, which did not exist under the laws in force at the time of the purchase.
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