William Strong

“ The bonds were never redelivered, nor were they demanded. Some time after Jan. 7, 1854 (when does not exactly appear) , Slocum Howland bought the seventeen bonds from the railroad company, with notice that money had not been borrowed upon them, but that they had been transferred by the town supervisor and railroad commissioners, or one or more of them, in the first instance to the company in exchange for its stock. What Howland paid for them, whether the company obtained their full par value, is not proved. ”

“ Then the authority to issue the bonds, borrow the money, subscribe for the stock, and elect railroad commissioners became perfect. The town did elect railroad commissioners on the 1st of March, 1853, the subscription for the stock of the company was made, a debt of $25,000 therefor was incurred, and the bonds or notes for an equal amount were executed, and at least some of them were sold at par and the proceeds of the sale were pa d on account of the subscription, all before any new assessment-roll could be completed and before the law required any to be made. ”

“ It was further ruled that the plaintiff stood in no better position, that having purchased with notice of the manner in which they had been issued, he was not a bona fide holder. Gould v. The Town of Sterling (23 N. Y. 456) is a similar case, and the ruling of the court was the same. ”