In Selma and Meridian Railroad Company v. Louisiana National Bank of New Orleans, the Supreme Court of the United States was asked to decide whether a state court had the authority to issue a writ of mandamus to a corporation. The case involved the Selma and Meridian Railroad Company, which had been incorporated in Alabama. The company had borrowed money from the Louisiana National Bank of New Orleans and had issued bonds as security for the loan. The company had defaulted on the loan and the bank sought to recover the money by foreclosing on the bonds. The company argued that the state court did not have the authority to issue a writ of mandamus to compel the company to pay the debt. The Supreme Court held that the state court did have the authority to issue a writ of mandamus to the company. The Court reasoned that the company was subject to the jurisdiction of the state court and that the writ of mandamus was a proper remedy for the bank to recover the money it was owed. The Court also noted that the writ of mandamus was a necessary remedy to protect the rights of creditors and to ensure that corporations fulfill their obligations. The Court thus affirmed the decision of the state court.

In Selma and Meridian Railroad Company v. Louisiana National Bank of New Orleans, the Supreme Court was asked to decide whether a railroad company could be held liable for debts incurred by its predecessor in interest. The majority opinion found that the railroad company was not liable because it had not assumed any such obligations when it acquired the property from its predecessor. However, Justice Field dissented on this issue, arguing that under state law at the time of acquisition, all prior liabilities were transferred to the new owner unless otherwise specified in writing. He argued that since there was no written agreement specifying which liabilities would transfer over and which would remain with the original owner, then all existing debts should have been assumed by Selma and Meridian Railroad Company upon acquiring ownership of their predecessor's assets.