Taylor v. Atlantic & Great Western Railroad
New York Supreme Court
The plaintiffs are trustees under a railroad mortgage executed by the Atlantic and Great Western Railroad Company, on their property in the three states of Hew York, Ohio and Pennsylvania. The object of the suit is to foreclose such mortgage. The defendant, the Banque Franco-Egyptienne, intervened for its own interest, claiming, by its answer, that out of the $56,000,000 of bonds issued under the mortgage but about $7,000,000, at most, had any valid or legal existence.
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The plaintiffs are trustees under a railroad mortgage executed by the Atlantic and Great Western Railroad Company, on their property in the three states of Hew York, Ohio and Pennsylvania. The object of the suit is to foreclose such mortgage. The defendant, the Banque Franco-Egyptienne, intervened for its own interest, claiming, by its answer, that out of the $56,000,000 of bonds issued under the mortgage but about $7,000,000, at most, had any valid or legal existence. The banque held about $1,816,000 of such bonds as collateral security to a loan which it had made to the railroad company,…
1Opinion of the CourtDaniels, J.
The object sought to be obtained by this action is the foreclosure of a mortgage executed on or about the 16th day of December, in the year 1871, by the Atlantic and Great Western Railroad Company to the plaintiffs, as trustees, upon its line of railroad extending from Salamanca, in this state, to Dayton, in the state of Ohio, and upon other property owned or leased by it. This mortgage was made to secure three classes or series of bonds issued by the company, and designated first, second and third mortgage bonds. The-first series was not to exceed the sum of eighteen millions, the second not…
2Cases cited2 opinions
- Lee v. TillotsonNew York Supreme Court · 1840
- Houston v. . WheelerNew York Court of Appeals · 1873