This case was a dispute between Ansel R. Cobb and Joseph H. Cordes over the ownership of a steamboat called Propeller Niagara, her engine, and other related items. The Supreme Court had to decide whether or not Cobb had valid title to the property in question as he claimed that it belonged to him due to his purchase from another party who held legal title at the time of sale. The court found that although there were some discrepancies in how this transaction was conducted, ultimately Cobb did have valid title because he purchased it from someone with legal authority over the property at the time of sale and thus could be considered an innocent purchaser for value without notice of any prior claims on said property by Cordes or anyone else.

In the case of The Propeller Niagara, Her Engine, &c., Ansel R. Cobb and Others v. Joseph H. Cordes, the Supreme Court was tasked with deciding whether a contract between two parties for the sale of a vessel was valid or not. The majority opinion held that it was invalid because there had been no delivery of possession to complete the transaction; however, Justice Grier dissented from this decision on several grounds. He argued that although physical delivery had not taken place yet due to an unforeseen delay in repairs being completed on time, both parties were still bound by their agreement as evidenced by their conduct throughout negotiations leading up to signing the contract and afterwards when they acted as if it were binding upon them both until one party attempted to back out at a later date after learning about potential defects in title which would have made him liable for damages should he proceed with completing his part of the bargain according to its terms. Furthermore, he noted that even though physical delivery may be necessary under certain circumstances depending on what is agreed upon between two contracting parties in any given situation – such as here where specific performance is sought – other forms of legal recognition can also suffice so long as all conditions are met and accepted by each side involved without reservation or fraudulence present during formation or execution thereof