U.S. Supreme Court
Waterworks Company v. Barret, 103 U.S. 516 (1880)
Waterworks Company v. Barret
103 U.S. 516
1. An order made by the court below, pursuant to the consent of parties, is binding upon them here.
2. A company who, under a contract with a city, was constructing waterworks, executed a mortgage on them, to secure certain bonds and the coupons thereto attached, which stipulates that if the company shall fail, for the space of ninety days, to pay the coupons when they shall become due, provided such failure is not caused by the city under the contract, all of the bonds shall become due, and the lien of the mortgage may be enforced for the whole debt. Coupons remained due and unpaid for the specified period. Held that the bill need not negative the failure of the city, but that such failure, if it existed, must be set up as matter of defense.
The facts are stated in the opinion of the Court.