City of Jacksonville v. Bankers Life Co. - Seventh Circuit Circuit Court of Appeals

City of Jacksonville v. Bankers Life Co.

By Seventh Circuit Circuit Court of Appeals

  • Release Date: 1937-05-08
  • Genre: Law

Description

Appellees, holders of special assessment bonds issued by appellant as a municipal corporation, brought suit in equity, charging that the city had collected some $95,000, paid in advance upon deferred installments in the special assessment proceedings, had failed to call bonds for redemption out of the same and had illegally diverted and lost said moneys. Appellees prayed that they be awarded an accounting with respect to the collection and diversion of said funds and that they have money judgments pro rata, against the city for the amounts diverted. In an amendment appellees further charged that the city had wrongfully abated certain assessments and prayed that it be compelled to restore such wrongful abatements to the funds against which appellees bonds were issued.

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