667.  Compare  Schutte  v.  Florida  Central
R.  Co.  (1879),  3  Woods,  692.  At  the
time  the  former  of  these  suits  was  insti-
tuted the  road  had  passed  into  the  hands
of  the  purchasers  at  the  sale  under  a  fore-
closure against  the  company  to  which  the
bonds  were  originally  issued.  A  portion
of  the  purchase-money  had  been  paid,  and
with  this  a  corresponding  amount  of  the
bonds  had  been  retired.  The  holders  of
the  residue  contended  that  their  bonds
were  still  a  first  lien  on  the  road,  notwith-
standing the  trustees'  sale,  and  that,  at
all  events,  they  were  entitled  to  prosecute
the  lien  for  the  unpaid  purchase-money
due  on  that  sale  in  order  to  obtain  satis-
faction of  their  bonds,  and  to  do  so  by
right  paramount  to  that  of  the  State  or
trustees  to  enfon;e  the  vendor's  lien  for  the
unpaid  purchase-money.  The  court,  how-
ever, said  that,  as  the  lien  was  a  statutory
one,   it  could  only    be    enforced  iu   the


§§  311,  312.]       STATUTORY  LIENS   IN   FAVOR   OF   BONDHOLDERS.      381

S  811.  Condition  for  the  Benefit  of  the  State  in  the  Enabling  Act  can
only  be  taken  Advantage  of  by  the  State. —  All  act  by  which  the  State
empowers  the  company  to  borrow  money  upon  its  coiiseiitin<>;  to
recognize  certain  State-aid  bonds  as  a  part  of  its  floating  debt,  >'
does  not  create  the  relation  of  debtor  and  creditor  between  the
company  and  the  bondholders  who  were  not  parties  to  the  trans-
action, or  give  them  any  right  of  action  against  the  company.^

§  312.  Subrogation  of  Bondholders  to  the  Rights  of  the  State.
