Wilson v. Boyce - 92 U.S. 320 (1875)
U.S. Supreme Court
Wilson v. Boyce, 92 U.S. 320 (1875)
Wilson v. Boyce
92 U.S. 320
1. Where the Cairo & Fulton Railroad Company accepted certain bonds issued under an act of the General Assembly of the state of Missouri, which declared that they should " constitute a first lien and mortgage upon the road and property" of the company, held that the word "property" included all the lands of the said company, and that a valid lien on them was created by the act.
2. The title of a subsequent purchaser from the company of its lands is destroyed by the sale of them under the mortgage.
This was an action of ejectment. The controversy turned upon the effect of an act of the General Assembly of the State of Missouri, under which bonds were issued to and accepted by the Cairo & Fulton Railroad Company. The act declared that the bonds should constitute a first lien and mortgage upon the road and property to that company.
Subsequently to the receipt of the bonds, the company executed a deed of trust upon her lands which had been granted by Congress to aid in the construction of the road. The plaintiff claimed under this deed.
The company failed to pay the interest on the bonds, and its lands were sold by the state, pursuant to the power contained in the act. The defendant became the purchaser of the demanded premises.
The court below held that the purchaser under the foreclosure
of the statutory mortgage held the better title, and that the word "property" embraced the lands owned by the company.