Coddington v. Railroad Company - 103 U.S. 409 (1880)
U.S. Supreme Court
Coddington v. Railroad Company, 103 U.S. 409 (1880)
Coddington v. Railroad Company
103 U.S. 409
A., pursuant to his contract, surrendered to a railroad company coupons attached to some of its bonds, whereof he was the holder, and took in exchange therefor certificates of preferred stock. The road, with its franchises, was subsequently sold by the trustees of the Internal Improvement Fund of Florida, to pay the bonds, whereof those, which he held, constituted a part. Eight years after the sale, he brought this suit to rescind the contract upon the ground of fraud, all the particulars of which were as well known to him when the sale was made as at any subsequent time. Held that his right to relief was barred by his laches and by the statute of limitations.
The facts are stated in the opinion of the Court.