Willamette Mfg. Co. v. Bank of British Columbia - 119 U.S. 191 (1886)
U.S. Supreme Court
Willamette Mfg. Co. v. Bank of British Columbia, 119 U.S. 191 (1886)
Willamette Manufacturing Company v. Bank of British Columbia
Argued November 9, 1886
Decided November 29, 1886
119 U.S. 191
It is within the power of a legislature which creates a corporation and grants franchises to it to authorize it to sell those franchises.
A corporation which is authorized to sell its franchises is authorized to mortgage them.
A statute which confers upon a corporation the right to take water from a river and to conduct it through canals, and the exclusive right to the hydraulic powers and privileges created by the water, and the right to use, rent, or sell the same or any portion thereof, authorizes the corporation to mortgage such powers and privileges.
This was a suit to foreclose a mortgage. The case is stated in the opinion of the Court.