V TOMPKINB ·9.<L1V1'TLE. soon as M. s. BY. 15
February 7, 1870. ·The·nrst issue of state bonds tozthe company
was on the twenty·Httliiday"0f March,.-1870, and the last on the
twenty-flrstrday of February, 1873. “ ~ s "   e·  
The_rules applicable tormortgages for future advances furnish the
correct solution to this question. One of these rules now firmly
established is that whcrethe mortgagee has the option to make the
advances or not, each advance is··as upon a newsmortgagepliut
where the mortgagee is bound to make the advances, the lien relates
back to the date of the mortgage,. and is superior to any subsequent
lien or conveyance. vickerman »v. Hunsucker, 21 Hun, (N: Y.)_53;
Brinkmsyer v. Brawneller, 55*Ind. 487;: ;S. C. 4 Cent. Law J. 370;
Bissell v. Gowdy, 31’Conn.· 47; S4 C. 3 Amer. Law Beg. (N. S.)
79; Nclsem v. Iowa·Eastcrn R. C0; 8 Amer..B.y. Rep. 82, 1 Jones,
Mortg. §§ 370, 373, 378.   · l -~ ” .   _ 4 r
. When, then, did the staterbecome bound to issueits bondsto the
railroad company? The act is very explicit on this point. After
prescribing themode in which application. forstate aid shallbe made,
the fourth section declares that if the "board of railroad commissions l
ers.-shall consent to approve'»and"grant»suchapplicatiomthen and
thereafter the said railroad company or corporation shall be entitled
e to, and have a rightto askffor,demand., and receive the bondeofthe
state hereinbefore declared to be pledged and granted, uponecomplyp ,
ing with and fulfilling the terms and conditions hereinafter s_et*forth;" .
- And the next section enacts ‘*that. anyrailread companyforécorpm
ration which shall _have acquired the right. to demand and receive
state aid, by virtue of the oiiicial certiiicatein. the sprecedingscctien
specified, and claiming an issue of bonds in its behalf, shall Hrst. tile
in the office of secretary of state the following- papers." ·, Here fole
lows an enumeration of the papers to be filed, and which only could
be filed after theaward hadbeen made. [ T - = V      
.. ;And»when these papers, are: uled the sixthé section declaresfthat
thereupon the governor, orvrrthe, personiilling.for,the time being _the
executive office, shall issue ¢to the rpresidentf0f—-saidcompany the
bonds of the state of Arkansas, bearing the seal of the state, attested
bythe secretary: of state,~a¤ provided in section 1 hereof, upon the
completion and preparatioufor theironrails of {each succeedingll)
miles or more, until the,entire»;1ine or linesrofv-road of said railroad .
corporation shall be completed." And, by the terms of .’tlI1B·fll'Sb sec-
tion of the act;i‘?the‘faith, and credit oz. the state of Arkansas is
hereby irrevocably pledged, and the proper authoritiesgof theestatp