Illinois Trust & Savings Bank v. Doud
Court of Appeals for the Eighth Circuit
Appeal from the 'CUrcuit Court of the United States for the Southern District of Iowa. For opinion below, see 89 Fed. 295. This appeal involves the right of a «'editor of a mortgagor, a quasi public corporation, to a preference in payment over a prior mortgagee.
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Appeal from the 'CUrcuit Court of the United States for the Southern District of Iowa. For opinion below, see 89 Fed. 295. This appeal involves the right of a «'editor of a mortgagor, a quasi public corporation, to a preference in payment over a prior mortgagee. On June 15, 1892, The Ottumwa Electric Hallway, a. corporation, engaged in furnishing steam heat and power, in operating a street railroad by electricity, and in furnishing electric light to the city of 01 tramwa, executed a trust deed, which will hereafter he called a mortgage, to the Illinois Trust & Savings Bank, a corporation, to…
1DissentCaldwell, Circuit Judge
At the threshold of this case we are confronted with the question whether the doctrine of preferential debts, applicable to railroads, has any application to a corporation like the mortgagor in this case. In Wood v. Safe-Deposit Co., 128 U. S. 416, 421, 9 Sup. Ct. 132, 32 L. Ed. 473, the supreme court said:
“The doctrine of Fosdick v. Schall has never yet been applied in any ease except that of a railroad. The case lays great emphasis upon the consideration that a railroad is a peculiar property, of a public nature, and discharging a great public work. There is a broad distinction between such…
2Cases cited25 opinions
- Fosdick v. SchallSupreme Court of the United States · 1879
- Miltenberger v. Logansport Railway Co.Supreme Court of the United States · 1882
- Galveston Railroad v. CowdreySupreme Court of the United States · 1871
- Louisville, Evansville & St. Louis Railroad v. WilsonSupreme Court of the United States · 1891
- Southern Railway Co. v. Carnegie Steel Co.Supreme Court of the United States · 1900
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