Ranger ex rel. Bondholders of the Tennessee Central Railroad v. Thalmann
New York Supreme Court
Tins action is brought by the plaintiff, suing on his own behalf, and. on behalf of all other bondholders of the Tennessee Central Railroad Company, to recover a balance of $11,975 remaining unpaid of a hid made by one C. 0. Godfrey, as the agent of the defendants, upon a foreclosure sale in the Chancery Court of Tennessee.
1Opinion of the CourtWright, J.
The mortgage was made by the railroad company to secure an issue of $250,000 in bonds. On the sale by the master in chancery, Godfrey bid in the property for $20,000 and paid thereon $2,000 cash, and gave his individual notes for the balance. The master retained an express lien on the property to secure the payment of the notes. This sale was confirmed by the court.
The notes not being paid another sale was decreed, upon which $6,025 were realized, which sale was duly confirmed. The amount realized on these sales was sufficient for the payments directed by the decree so that the bondholders…
2Cases cited5 opinions
- Kayton v. . BarnettNew York Court of Appeals · 1889
- Brown v. ReimanAppellate Division of the Supreme Court of the State of New York · 1900
- Remmel v. TownsendNew York Supreme Court · 1894
- Rochester Distilling Co. v. DevendorfNew York Supreme Court · 1893
- Ranger v. ThalmannAppellate Division of the Supreme Court of the State of New York · 1901