Corcoran v. Chesapeake & Ohio Canal Company - 94 U.S. 741 (1876)
U.S. Supreme Court
Corcoran v. Chesapeake & Ohio Canal Company, 94 U.S. 741 (1876)
Corcoran v. Chesapeake & Ohio Canal Company
94 U.S. 741
1. The Court of Appeals of Maryland, in a suit whereto the parties to this bill were parties, rendered a decision adverse to the right of the holder of coupons attached to the preferred bonds issued by the Chesapeake & Ohio Canal Company, under an Act of that State of March 10, 1845, entitled "An Act to provide for the completion of the Chesapeake & Ohio Canal to Cumberland, and for other purposes," to receive, out of the net revenues and tolls of the company, interest on such coupons from the time they respectively mature. In conformity with that decision, the Circuit Court of Baltimore City subsequently entered in the same suit a decree distributing those revenues and tolls and ordering payment of the coupons from time to time as the same should accrue. Held that the parties to this suit are bound by that decree.
2. The fact that one of the parties then appeared as a trustee for the bondholders does not render the decree less conclusive in a suit where his individual rights in the same subject matter are involved. If he, at that time, owned any such bonds or coupons, he is bound, because he was representing himself. If he bought them since, he is bound as privy to the person who was represented.
3. In chancery suite, adverse rights as between co-defendants may be determined, and a party who had a hearing and an opportunity to assert his rights will be bound by the decree so far as it affects them.
The case is stated in the opinion of the Court.