Cushman v. Bonfield
Illinois Supreme Court
Appeal from the Appellate Court for the Second District;—. heard in that court on appeal from the Circuit Court of Kankakee county; the Hon. N. J. Pillsbury, Judge, presiding. The Plymouth, Kankakee and Pacific Railroad Company-having been organized for the purpose of constructing, owning and operating a railroad from Plymouth, Indiana, to Bureau.
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Appeal from the Appellate Court for the Second District;—. heard in that court on appeal from the Circuit Court of Kankakee county; the Hon. N. J. Pillsbury, Judge, presiding. The Plymouth, Kankakee and Pacific Railroad Company-having been organized for the purpose of constructing, owning and operating a railroad from Plymouth, Indiana, to Bureau. Junction, Illinois, executed to George W. Cass, as trustee, a deed of trust upon its property, rights and franchises, bearing date July 1, 1871, to secure 3600 of its bonds for $1000 each, due in thirty years, and bearing interest at the rate of…
1Opinion of the CourtJustice Bailey
No question is or can be made, that, under the arrangement in pursuance of which Cushman became the purchaser, at the foreclosure sale, of the property, rights and franchises of the Plymouth, Kankakee and Pacific Railroad Company, he became charged with a trust in favor of Bonfield and the other bondholders who placed their bonds in his hands, and that he bid off said property, rights and franchises as their trustee. Nor would there seem to be any doubt that said trust relation • continued up to the time the sale was confirmed and the master’s deed executed to Cushman, or up to the time of…
2Cases cited1 opinion
- McMillan v. JamesIllinois Supreme Court · 1882
3Cited by16 opinions
- Merlo v. Johnston City & Big Muddy Coal & Mining Co.Illinois Supreme Court · 1913
- American National Bank v. AmesSupreme Court of Virginia · 1938
- Hetrick v. SmithWashington Supreme Court · 1912
- Prondzinski v. GarbuttNorth Dakota Supreme Court · 1901
- Indiana, Illinois & Iowa Railroad v. SwannellIllinois Supreme Court · 1895
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