Bradley v. Adams Express Co.
U.S. Circuit Court for the District of Massachusetts
The Boston, Hartford & Erie Bailroad Company and the Adams Express Company entered into an arrangement for the conduct of the express business over the line of the railroad, by which the express company had a valuable monopoly’ granted them; and in consideration thereof lent the railroad company $200,000, which were secured by two notes of that company, and by a pledge of 10,000 shares of its stock, with the right also on the part of the express company to apply to the debt,…
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The Boston, Hartford & Erie Bailroad Company and the Adams Express Company entered into an arrangement for the conduct of the express business over the line of the railroad, by which the express company had a valuable monopoly’ granted them; and in consideration thereof lent the railroad company $200,000, which were secured by two notes of that company, and by a pledge of 10,000 shares of its stock, with the right also on the part of the express company to apply to the debt, from time to time, a certain portion of the sums which would come due from them to the railroad company. The railroad…
1Opinion of the CourtLowell, C. J.
The language of the law (Rev. St. § 5075) is relied on by the assignees, and does seem very explicit, that a secured creditor shall not prove any part of his debt unless he has'either delivered up his security-altogether, or agreed upon its value with the assignees, or ascertained such value by a sale, under the order of the district court. In this district it has been considered that this section, intended for the protection of the .general creditors, was not *897absolutely restrictive, and that when an advantageous sale had been made, in entire good faith, there was power in the court to…
2Cases cited4 opinions
- In re MollerDistrict Court, S.D. New York · 1876
- In re MollerU.S. Circuit Court for the District of Southern New York · 1877
- In re GrinnellDistrict Court, S.D. New York · 1874
- Lee v. Franklin Ave. German Sav. Inst.District Court, E.D. Missouri · 1869