Hoopes v. Corbin

The Indianapolis, Bloomington and Western Railway Company, a consolidated company of Indiana and Illinois, had outstanding three several issues of bonds, secured by mortgages of its roads, equipments and franchises, and defaults in the payment of interest having occurred, suits of foreclosure were commenced to obtain a judicial sale of the property mortgaged. For mutual protection certain stockholders of the several classes of bonds-voluntarily united in a plan by which the railroad and its appurtenances were to be bought on joint account and a. new company formed to maintain and operate the…