Durkee v. Board of Liquidation - 103 U.S. 646 (1880)
U.S. Supreme Court
Durkee v. Board of Liquidation, 103 U.S. 646 (1880)
Durkee v. Board of Liquidation
103 U.S. 646
1. Williams v. Louisiana, supra, p. 103 U. S. 637, reaffirmed.
2. After the bonds in question were issued, the General Assembly of Louisiana passed an act creating the Board of Liquidation and authorizing it to convert and fund all valid outstanding claims against the state. A subsequent act declared the bonds to be void, and forbade the board to fund them. Held that the act withdraws from the board all authority to act in the premises, and that the obligation of no contract is thereby impaired, inasmuch as there was no previous acceptance by bondholders of the proposition to fund, and no consideration had passed.
The facts are stated in the opinion of the Court.