The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-01-22
JENNINGS WINS CASE
AGA|NS POWER CO.

Affirming the decision of Judge Nc
Carthy of the Third judicial district,
an opinion handed down by the SUI
prame court Wednesday refused to
discarge the attachment secured by
f. H. Jennings on the property owned
by the Idaho Railway, Light & Power
company. The opinion is written by
Justice Bulge. Chief Justice Sullivan
and Justice Morgan concur.
According to the opinion, corpor-
alton organized under the laws of
foreign jurisdiction, although engaged
in business in this state and having
complied with constitution and all
the laws effecting foreign corpora
tons is nonresident and subject to
attachment as SUCH.
On November 6, 1911, the Idaho
Railway, Light & Power company,
corporation organized under the laws
of Maine, executed promissory note
to E. H. Jennings for one hundred and
eighty thousand dollars, payable two
years after date. The note was Sc
cured by 1900 shares of preferred
stock and 1884 shares of common
stock of the old Boise Railroad COM
pany. At this time the Idaho Rail
way, Light & Power company owned
all of the shares of the Boise Railroad
company and later had the entire
property of the latter company con-
veyed to the former. The charter of
the Boise Railroad company was can
celed December l, 1913.
When action was begun by Jen-
nings, the capital stock of the Boise
Railroad company, which had hereto
fore been pledged as collateral secur-
ity for the payment of the note given
Jennings was the stock of corpora
ton which had forfeited its charter
and conveyed its property to the Ida
Railway, Light & Power company
About the time the later company
executed a mortgage 10 Guaranty
Trust company of New York, securing
an issue of bonds aggregating thirty
million dollars, which covered the en-
tire property of the latter company,
Including that which had previously
constituted the security to Jennings.
On December23, 1913, a receiver was
appointed for the Idaho Railway
Light & Power Company
Jennings Given Attachment.
Upon the filing of the action by
Jennings a writ of attachment was
granted by the lower court on all OF
the property, assets and franchises of
the defendant company. On May %,
1914, the company moved 4 discharge
of the attachment on the grounds that
the debt was still valuable and that
the defendant company is not a non
resident of this state within the mean
ing of the attachment law.
The lower court decided against the
company on both contentious and the
case was brought up to the higher
court, where the same reasons were
urged.
No Exemption Allowed.
According to the decision, it is the
uniform opinion of authorities that the
domicle, residence and citizenship of
a corporation are in the state where it
is created, and corporation is not
domesticated The attachment laws
of this state do not provide for an ex-
emption contended for by the COM
pany, and therefore the decision OF
the lower court is affirmed and the
attachment sustained.
In view of this opinion, the court
decided that it became immaterial
whether or not the stock pledged by
the Idaho Railway, Light x Power
company is or became valueless
through the fault of the defendant
company.