Memphis & Little Rock Railroad v. Dow
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOB THE EASTERN DISTRICT OF ARKANSAS. The appellant, the Memphis and Little Beck Bailroad Company, (as reorganized,) an Arkansas corporation, conveyed, by deed of May 2, 1877, to Pierson, Matthews, and Dow, trustees, its road and connections, and all its property, rights, and privileges, including its franchise to be a corporation, to secure the payment of its bonds of the same date, aggregating $2,600,000, and payable in…
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APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOB THE EASTERN DISTRICT OF ARKANSAS. The appellant, the Memphis and Little Beck Bailroad Company, (as reorganized,) an Arkansas corporation, conveyed, by deed of May 2, 1877, to Pierson, Matthews, and Dow, trustees, its road and connections, and all its property, rights, and privileges, including its franchise to be a corporation, to secure the payment of its bonds of the same date, aggregating $2,600,000, and payable in thirty years, subject to a mortgage for $250,000, executed May 1, 1877. The deed provided for the employment, at the…
1Opinion of the CourtJustice Harlan
From these facts it appears that at the date.pf fhe'mortgage of-May- 2,1877, appellant’s’ entire assets consisted of the prop7 erty, rights! 'and privileges purchased by Pierson, ■ Dow, and .Matthews, trustees, at the sale under the decree -foreclosing .the mortgage of December 1, 1873, and- by them conveyed to it, on thé express cpndition that the beneficial owners should receive therefor,-.besides $1,300,000 in stock, .its mortgage bonds for $2,600,000. That amount, in the stock and bonds of the appellant, was the valuation placed by such owners upon their interests, after taking into…
2Cases cited1 opinion
- Peoria & Springfield Railroad v. ThompsonIllinois Supreme Court · 1882
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