Central Trust Co. v. Pittsburg, Shawmut & Northern Railroad
New York Court of Appeals
Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the fourth judicial department, entered October 20, 1917, which reversed an order of Special Term authorizing an issue of receiver’s certificates in so far as it provided that the lien of such certificates should be prior to that of a first mortgage covering certain of the railroad properties.
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Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the fourth judicial department, entered October 20, 1917, which reversed an order of Special Term authorizing an issue of receiver’s certificates in so far as it provided that the lien of such certificates should be prior to that of a first mortgage covering certain of the railroad properties. The following question was certified: “Had the Special Term power to determine the question of the priority of the receiver’s certificates, upon the motion and the papers before it, as against the first mortgage…
1Opinion of the CourtChase, J.
The value of railroad property depends to a very large extent upon the business done by the railroad corporation. The business done by the corporation, and the net financial result of such business depend in turn to a very large extent upon the condition of the roadbed and the rolling stock and upon the available facilities for handling satisfactorily and economically passenger and freight transportation.
When all the property of a railroad corporation is temporarily in the immediate control of a court of general jurisdiction and in the possession of a receiver, and it appears necessary to…
2Cases cited9 opinions
- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Miltenberger v. Logansport Railway Co.Supreme Court of the United States · 1882
- Wallace v. LoomisSupreme Court of the United States · 1878
- Raht v. . AttrillNew York Court of Appeals · 1887
- Vilas v. . PageNew York Court of Appeals · 1887
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Village of Stillwater v. Hudson Valley Railway Co.New York Court of Appeals · 1931
- Smith v. Pacific Improvement Co.New York Supreme Court · 1918
- Sugars v. Ohio Match Co.Idaho Supreme Court · 1933
- Central Trust Co. v. Pittsburgh, Shawmut & Northern RailroadNew York Court of Appeals · 1920
- Weaver v. . Pacific Improvement Co.New York Court of Appeals · 1923
4 more not listed; retrieve them via the Exa API.