The City of New York, Appellant v. Edward P. Bryan, as Trustees of the Creditors, Stockholders and Members…

Summary

The New York Court of Appeals reversed the Appellate Division, holding that municipal consent to construct a street railroad is not an independent franchise but part of a single state‑granted franchise that forfeits when the corporation fails to complete construction within the statutory ten‑year period. Consequently, the franchise did not survive the corporation's dissolution and could not be claimed by the defendants as trustees.