Wabash Railroad v. Adelbert College of Western Reserve University
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF OHIO. This is a writ of error directed to the Supreme Court of the -Sta'-e of Ohio. In that court the defendants in error obtained a decree declaring that certain negotiable notes held by them, which had been made by. the Toledo and Wabash Railroad Company, were entitled to a lien on property once owned by that company and now. owned by the plaintiff in' error, and ordering a sale in satisfaction of that lien.
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ERROR TO THE SUPREME COURT OF THE STATE OF OHIO. This is a writ of error directed to the Supreme Court of the -Sta'-e of Ohio. In that court the defendants in error obtained a decree declaring that certain negotiable notes held by them, which had been made by. the Toledo and Wabash Railroad Company, were entitled to a lien on property once owned by that company and now. owned by the plaintiff in' error, and ordering a sale in satisfaction of that lien. The Federal suestions presented and such facts as are deemed material to their decision are stated in the opinion.
1Opinion of the CourtJustice Moody
In 1862 the Toledo and Wabash Railway Company owned . and operated a railroad in Ohio and Indiana, and was incorporated under the laws of both States. That part of the property situated in Ohio was then incumbered by two mortgages, one to. the Farmers’ Loan and Trust Company for $900,000, and one to Edwin D. Morgan, Trustee, for $1,000,000. That part of the property situated in Indiana was then incumbered by two mortgages, one to the Farmers’ Loan and Trust Company for $2,500,000, and one.to Edwin D. Morgan, Trustee, for $1,500,000. In that year the company issued and sold unsecured sealed…
2Cases cited25 opinions
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