Gould v. Little Rock, M. R. & T. Ry. Co.
U.S. Circuit Court for the District of Eastern Arkansas
In Equity. Bill by Jay Gould against the Little Rock, Mississippi River & Texas Railway Company and Henry Wood, as trustees, to foreclose a deed of trust on certain lands. On her own motion, Sallie Leverett, as administratrix of the estate of J. M. Leverett, deceased, was made a defendant, and filed an answer and cross bill. Cross bill dismissed, and decree for complainant.
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In Equity. Bill by Jay Gould against the Little Rock, Mississippi River & Texas Railway Company and Henry Wood, as trustees, to foreclose a deed of trust on certain lands. On her own motion, Sallie Leverett, as administratrix of the estate of J. M. Leverett, deceased, was made a defendant, and filed an answer and cross bill. Cross bill dismissed, and decree for complainant. Statement by Caldwell, Circuit Judge: On the 25th day of April, 1884, the Little Rock, Mississippi River & Texas Railway Company, an Arkansas corporation, in pursuance of a resolution of its stockholders, and also of its…
1Opinion of the Court
Caldwell, Circuit Judge,
(after stating the facts.) 1. It is the law of Arkansas, established by the decision of its supreme court 50 years ago, that a corporation of that state in failing circumstances may make preferences among its creditors by assigning all or a part of its property to preferred creditors, or to trustees for their benefit. Its right to prefer *683one or more of its bona fide creditors to the exclusion of others, in the absence of a statute prohibiting it, is as unrestricted and absolute as is the common-law right of an individual debtor to make preferences among his creditors.…
2Cases cited25 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Peters v. BainSupreme Court of the United States · 1890
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- Curran v. ArkansasSupreme Court of the United States · 1853
20 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Wyman v. BowmanCourt of Appeals for the Eighth Circuit · 1904
- Sutton Manuf'g Co. v. HutchinsonCourt of Appeals for the Seventh Circuit · 1894
- Williams v. YocumWyoming Supreme Court · 1928
- McKee v. Interstate Oil & Gas Co.Supreme Court of Oklahoma · 1920
- National Bank of Commerce in Denver v. AllenCourt of Appeals for the Eighth Circuit · 1898
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