First National Fire Insurance v. Salisbury
Massachusetts Supreme Judicial Court
Bill in equity, filed February 16, 1880, by sixteen holders of certain bonds issued by the Boston, Barre and Gardner Railroad Corporation, in behalf of themselves and others who should come in to prosecute the bill, against the trustees under a mortgage executed by said corporation to secure said bonds, and against said corporation.
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Bill in equity, filed February 16, 1880, by sixteen holders of certain bonds issued by the Boston, Barre and Gardner Railroad Corporation, in behalf of themselves and others who should come in to prosecute the bill, against the trustees under a mortgage executed by said corporation to secure said bonds, and against said corporation. The bill alleged that on June 21, 1873, the Boston, Barre and Gardner Railroad Corporation, in pursuance of the authority conferred upon it by the St. of 1873, c. 348, conveyed in mortgage to Stephen Salisbury, Calvin Foster and Lewis Barnard, as trustees, “ the…
1Opinion of the Court
Soule, J,
The instrument under which the defendants hold a conditional title to the railroad with its appurtenances of the Boston, Barre and Gardner Railroad Corporation, is a mortgage which provides that the mortgagor shall retain possession of the mortgaged property till, and for six months after, default in the payment of any of the bonds secured by it, or interest thereon, and that thereafter the defendants, at the written request of one half in amount of the holders of the bonds, are authorized and required to proceed to sell the mortgaged property, and apply the net proceeds of the sale…
2Cited by16 opinions
- Hallett v. MooreMassachusetts Supreme Judicial Court · 1933
- Dow v. Memphis & L. R. R. Co.United States Circuit Court · 1884
- Falmouth National Bank v. Cape Cod Ship Canal Co.Massachusetts Supreme Judicial Court · 1896
- Rumsey v. Peoples Railway Co.Supreme Court of Missouri · 1900
- Guilford v. Minneapolis, S. Ste. M. & A. Ry. Co.Supreme Court of Minnesota · 1891
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