Sturges v. Knapp
Supreme Court of Vermont
Appeal from the decree of the court of chancery. The bill was brought on the 4th of April, 1857, and set forth that the Western Vermont Railroad Company, owning a railroad extending from Bennington to Rutland, and being authorized by law to issue and secure its notes or bonds, for the purpose of paying its debts, issued its bonds to the amount of four hundred thous- and dollars on the 10th day of January, 1851, payable to Shepherd Knapp, or bearer, in four installments of…
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Appeal from the decree of the court of chancery. The bill was brought on the 4th of April, 1857, and set forth that the Western Vermont Railroad Company, owning a railroad extending from Bennington to Rutland, and being authorized by law to issue and secure its notes or bonds, for the purpose of paying its debts, issued its bonds to the amount of four hundred thous- and dollars on the 10th day of January, 1851, payable to Shepherd Knapp, or bearer, in four installments of one hundred thousand dollars each, payable in five, ten, fifteen and twenty years, respectively, from January 1st, 1851,…
1Opinion of the Court
Redeield, Ch. J.
This bill is brought by the plaintiffs, holding a majority in amount of the bonds secured by the mortgage of the Western Yermont Railway, executed to Knapp and Briggs, as trustees for the holders of the bonds, praying a decree, that Knapp and Briggs, after the foreclosure of the mortgage, held no estate in the premises conveyed, except a mere nominal, naked, or dry trust, for the sole benefit of the cestuis que trust. In other words, that the trust did not impose any functions or duties whatever, except to convey the estate to the cestuis que trust; that it was a naked use of…
2Cases cited2 opinions
- Rutland & Burlington Railroad v. ProctorSupreme Court of Vermont · 1856
- Noyes v. Rutland & Burlington RailroadSupreme Court of Vermont · 1854
3Cited by20 opinions
- Gates v. Boston & New York Air Line RailroadSupreme Court of Connecticut · 1885
- Straus v. Chicago Title & Trust Co.Appellate Court of Illinois · 1933
- Austin v. Rutland RailroadSupreme Court of Vermont · 1873
- Hoffman v. First Bond Mortgage Co., Inc.Supreme Court of Connecticut · 1933
- Kitchen Bros. Hotel v. Omaha Safe Deposit Co.Nebraska Supreme Court · 1934
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