State of Arkansas vs. Little Rock, Mississippi River and Texas R'y Co.
defendant company, which purchased under said mortgage; and rendered judgment thereon in favor of the defendant.
Plaintiff moved for a new trial, and assigned the following as causes for granting the same:
First—The court erred in finding for the defendant on the agreed statement of facts.
Second—The court erred in declaring the act of July 21, 1868, "To aid in the construction of railroads," void.
Third—The court erred in failing to give judgment for plaintiff, even admitting the act aforesaid to have been void.
Fourth—The court erred in refusing to find for the State, on the agreed statement of facts, as defendant corporation succeeded to all the rights, but took the legal liabilities, chargeable upon the Little Rock, Pine Bluff and New Orleans Railroad, which is the present company's line of road.
The Circuit Court overruled the motion for a new trial. Plaintiff excepted; and has brought the case before this court on appeal.
The case has been argued with much ability on behalf of the State, of the railway company, and by counsel who have been permitted to appear on behalf of the bondholders.
The plaintiff contends that the bonds of the State, issued to aid in the construction of the Little Rock, Pine Bluff and New Orleans Railroad, under provisions of an act, approved July 21, 1868, to which coupons for interest were attached, $108,570 of which she has paid, were a charge upon the road, and that the Little Rock, Mississippi River and Texas Railway Company, which succeeded by purchase to the franchises and property of the Little Rock, Pine Bluff and New Orleans Railroad Company, is liable to the State for the coupons so taken up by her. The Little Rock, Mississippi River and Texas Railway Company deny their liability to pay these coupons upon the grounds:
