119 Ga. 159 | Ga. | 1903
There is conflict in the authorities as to how far a lessor corporation, charged with a public duty, is liable for the acts of its lessee. But whatever the rule elsewhere, unless there is a legislative exemption, our statute (Civil Code, § 1864) preserves to the public the liability of the vendor or lessor company, preventing it from escaping responsibility by a transfer of its property or franchises to a non-resident or insolvent, or even to a resident and solvent grantee. Singleton v. S. W. R. R., 70 Ga. 468; Hart v. R. R., 33 S. C. 427; Harman v. R. R., 28 S. C. 401; contra, Arrowsmith v. Nashville R. R., 57 Fed. 165. The original
If, as contended by the plaintiff, the purchaser becomes responsible for all the existing indebtedness of the selling road, the Central company would be hable not only for claims like his, but for any deficiency on the foreclosure of the mortgage securing the outstanding bonds of the Chattanooga company, even though the $1,-300,000 paid was the full value of the property bought. There is no principle of law which requires the buyer to pay twice, or more than the property is worth, or more than the contract price. In the absence of any allegation to the contrary, it is fair to pre
These conclusions render it unnecessary to determine whether the plaintiff’s claim was “ a current liability ” of the Chattanooga company, assumed by the Central. The demurrer was properly sustained. Judgment affirmed.