County of Wilson v. National Bank - 103 U.S. 770 (1880)
U.S. Supreme Court
County of Wilson v. National Bank, 103 U.S. 770 (1880)
County of Wilson v. National Bank
103 U.S. 770
1. The circuit court has jurisdiction of suits by or against a national bank without regard to the citizenship of the parties.
2. A bond, whereby a county acknowledges its indebtedness in a certain sum, payable, at a time therein mentioned, to company A. or the holder, if it "be transferred by the signature" of its president, is negotiable, and, on his transfer thereof by endorsement to "bearer," the latter may in his own name sue thereon.
3. The County Court of Wilson County, Tennessee, had, after certain preliminary proceedings were taken, lawful authority to subscribe, on behalf of the county, for stock in the Tennessee and Pacific Railroad Company, and to issue bonds of the county in payment therefor.
4. It was not essential to the validity of the popular election, ordered and held on the question of subscription to the stock, that there should have been a final and definite survey and location of the entire line of the company's road. All that was required was a substantial location, designating the termini and general direction of the road, and an estimate of the cost of constructing it.
The facts are stated in the opinion of the Court.