Inhabitants of Anson
Supreme Judicial Court of Maine
On report. The facts are sufficiently stated in the opinion. Counsel argued: (1.) That the attempted foreclosure by bill in equity is void, both as against the trustees under the mortgage of July 1, 1871, and as against the original mortgagors, the Somerset Railroad Company. (2.) That it is void as to all bondholders who have never cancelled and surrendered their bonds and converted them into stock of the new company.
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On report. The facts are sufficiently stated in the opinion. Counsel argued: (1.) That the attempted foreclosure by bill in equity is void, both as against the trustees under the mortgage of July 1, 1871, and as against the original mortgagors, the Somerset Railroad Company. (2.) That it is void as to all bondholders who have never cancelled and surrendered their bonds and converted them into stock of the new company. (3.) That it is void as to all stockholders of the Somerset Railroad Company who have taken neither stock nor bonds of the new company. (4.) That the mortgage of July 1, 1871,…
1Opinion of the CourtWi-iitehouse, J.
This is a proceeding in equity asking the court to appoint trustees under a railroad mortgage to fill vacancies occasioned by the death of two of three trustees originally named in the deed.
July 1st, 1871, the Somerset Railroad Co. duly authorized an issue of bonds to the amount not exceeding $500,000 and made a mortgage to Lewis Pierce, Daniel Holland and Stephen D. Lindsey conveying to them or their successors in joint tenancy "the railroad of said company from its junction with the Maine Central Railroad in Waterville to its terminus in Solon,” .
" with the franchise of said company and all…
2Cases cited3 opinions
- Guaranty Trust and Safe Deposit Co. v. Green Cove Springs and Melrose RailroadSupreme Court of the United States · 1891
- First National Fire Insurance v. SalisburyMassachusetts Supreme Judicial Court · 1881
- Alexander v. Central R. R.United States Circuit Court · 1874
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- Hidden v. Washington-Oregon Corp.District Court, W.D. Washington · 1914