Belden v. Burke
New York Supreme Court
Appeal from special term, New York county. Action by James J. Belden, an owner of 50 of the bonds of the Columbus, Hocking Valley & Toledo Railway Company, against Stevenson Burke and others, to compel the Columbus, Hocking Valley & Toledo Railway Company to make the security for the bonds what that company in the mortgage trust deed covenanted (expressly for the benefit of the successive holders of the bonds) that it should be, and to charge this obligation of the railway…
Read the full summary
Appeal from special term, New York county. Action by James J. Belden, an owner of 50 of the bonds of the Columbus, Hocking Valley & Toledo Railway Company, against Stevenson Burke and others, to compel the Columbus, Hocking Valley & Toledo Railway Company to make the security for the bonds what that company in the mortgage trust deed covenanted (expressly for the benefit of the successive holders of the bonds) that it should be, and to charge this obligation of the railway company upon the defendants Burke and associates and Winslow, Lanier & Co. Like relief was prayed in the complaint…
1Opinion of the CourtParker, J.
It may be assumed that Burke and his associates, having acquired all of the stock of the different railroads and consolidated them into the Columbus, Hocking Valley & Toledo Railway-Company, had the legal right to cause it to be mortgaged in any sum they chose, so long as the statutes of Ohio were not contravened. It was their property, and if they deemed it best to cause bonds to be issued, secured by a mortgage, in a greater amount than they paid for it, as they did in fact, they had the right to do so, and to use every legitimate argument to persuade investors to pay par for them. The task…
2Cases cited22 opinions
- Carpenter v. LonganSupreme Court of the United States · 1873
- Brackett v. . GriswoldNew York Court of Appeals · 1889
- McGourkey v. Toledo & Ohio Central Railway Co.Supreme Court of the United States · 1892
- Hoffman v. Ætna Fire InsuranceNew York Court of Appeals · 1865
- Moore v. CrawfordSupreme Court of the United States · 1889
17 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Ducker v. Del GenoveseAppellate Division of the Supreme Court of the State of New York · 1904
- Belden v. . BurkeNew York Court of Appeals · 1895
- O'Beirne v. BullisNew York Supreme Court · 1894
- Renz v. ErnstNew York Supreme Court · 1916