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Quotation from Fletcher v. Peck by Supreme Court of the United States
“When, then, a law is in its nature a contract, when absolute rights have vested under that contract, a repeal of the law cannot devest those rights”
Fletcher v. Peck, Opinion of the Court (Marshall, C.J.), on the power of a later legislature (U.S. Reports text (Legal Information Institute))
Marshall limits the rule that legislatures cannot bind their successors when the earlier act was a grant of property.
Citation: "When, then, a law is in its nature a contract, when absolute rights have vested under that contract, a repeal of the law cannot devest those rights" — Supreme Court of the United States, Fletcher v. Peck, Opinion of the Court (Marshall, C.J.), on the power of a later legislature (U.S. Reports text (Legal Information Institute)). (id fletcher-v-peck-q2)
Portrait: John Marshall by Henry Inman, 1832, Henry Inman, Public domain.
