The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-05-14

Attorney General.
The following is the text of the attor-
ney generals letter OF March 10 referred
to above:
Governor Joseph D. sayers, Executive or
Ace.
Attorney Generals Office. Austin, Texas,
March 17.--Dear Sir: / am in receipt OF
your two communications OF the 18th in
slant. relative to s. b. No. 1b4. in which
you submit to me for my consideration and
opinion, the following two questions The
questions upon which desire your opinion
are simply these: Whether or not the bill
under The law, makes it obligatory upon
the Missouri Kansas and Texas Railway
company of Texas TO cancel the aforesaid
| bonds OF the Sherman. Shreveport and
/ Southern Railway company, substituting
| Its own bonds to the extent of the valua-
ton OF the Sherman, Shreveport and South
ern railway, as fixed by the railroad com-
mission Of Texas as prerequisite to the
perfection OF its title to the Sherman,
Shreveport and Southern railway; or, may
the Missouri. Kansas and Texas Railway
company of Texas. under the bill, con-
summate its purchase and perfect It's title
to the Sherman, Shreveport and Southern
railway by guaranteeing and making it.
self responsible for the bonded indebted
ness OF the Sherman. Shreveport and
Southern Railway company, amounting. as
above stated. to $4,000 900
In reply. have to state that I answer
your first question in the negative, and
your second question IN the affirmative.
The hrst part Of section OF the bill
provides that the sale and purchase au
thorized by the bill TO be made shall be
subject to all suits, contracts. debts, obl-
Lea m rFafl n o or "a
by the said Sherman. Shreveport and
Southern Railway company, upon or
against Its property. as well as TO the pay
ment and DISCHARGE Of all and singular the
legal obligations and liabilities of every
sort whatever against the said sherman,
Shreveport and Southern Railway company,
and its properly. to the same extent that
said property would be liable therefor IL
said property had not been sold.
So much OF the above section is only
declaratory of existing laws. and makes
the purchase and sale. as well as the
property Of the sherman. Shreveport and
; Southern Railway company, subject to all
4 present contracts. claims and liabilities
This section then provides: And the said
Missouri. Kansas and Texas Railway COM
pany OF Texas shall take the same (the
property OF the Sherman. Shreveport and
Southern Railway company charged there
} with and subject 60 the payment thereof
1.-THE debts. ODliEdliOHo anu ltdpiliNsNo VI INC
u Sherman. Shreveport and Southern Rail-
!; way company" This part OF the section
! is but a necessary legal conclusion from
the preceding part OF the section, and It's
absence from the section would be sup
Piled by the law. Thls section then pro-
vides: And the ASSUMPTION b. the said
the Missouri. Kansas and Texas Railway
company OF Texas OF such membranes.
, debts and liabilities, may enter into and
constitute a part OF the consideration Of
such sale and conveyance This part OF
: the section does not profess TO state or
regulate how the assumption on the part
Of the Missouri Kansas AMI Tcxas I.a'l-
. way company Of Texas OF ths obligations
/. OF the Sherman Shreveo lrt ait1 Sc uiht IN
Railway company. shall 30 evidenced. !
. think IL clear that under this part q .
section the Missouri. Kansas and Tes -
Railway company OF Texas could assume
, the nayment OF all the debts and obllae
: lions OF every sort OF TIE sherman.
; Shreveport and Southern Railway cH.cTany
|. by indorsing and guaranteeing the pay
ment OF All its OBLIGATIONS Upon thu;
point | invite your attention TO the case
3 Of New orleans VS.. Clark ts5 U. S. $500
: While It Is true this section then pro-
r eeeds: And the said the Missouri. Kan
4 sas and Texas Railway company ~ Texas
: may exchange its stocks and bonds for
u the outstanding stocks and bonds OF the