Gray v. Hemenway
Massachusetts Supreme Judicial Court
Bill in equity, filed in the Supreme Judicial Court on February 21, 1912, by the trustees under the will of Augustus Hemenway, late of Milton, for instructions as to whether a certain extra corporation dividend described in the opinion and received by the plaintiffs should be added to the principal of the trust fund or paid over to those entitled to receive the income of that fund.
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Bill in equity, filed in the Supreme Judicial Court on February 21, 1912, by the trustees under the will of Augustus Hemenway, late of Milton, for instructions as to whether a certain extra corporation dividend described in the opinion and received by the plaintiffs should be added to the principal of the trust fund or paid over to those entitled to receive the income of that fund. The case was reserved by Braley, J., upon the bill and answers for determination by the full court. The answers admitted the allegations of fact in the bill. From the bill it appeared that the Delaware, Lackawanna…
1Opinion of the CourtSheldon, J.
The dividend here in question was declared out of its surplus or accumulated profits by the Delaware, Lackawanna and Western Railroad Company, a corporation organized under the laws of Pennsylvania. That corporation had invested a part of its surplus by subscribing for and taking the stock of the Lackawanna Railroad Company, a New Jersey corporation, the line of which formed a cut-off between two points on the road of the Pennsylvania company and so materially shortened its track. The Pennsylvania company then took a perpetual lease of the rail-’ road and all other property of the New Jersey…
2Cases cited17 opinions
- Gibbons v. MahonSupreme Court of the United States · 1890
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
- Brighton Packing Co. v. Butchers' Slaughtering & Melting Ass'nMassachusetts Supreme Judicial Court · 1912
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- Smith v. DanaSupreme Court of Connecticut · 1905
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3Cited by26 opinions
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- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- Eastman Marble Co. v. Vermont Marble Co.Massachusetts Supreme Judicial Court · 1920
- Bundy v. United States Trust Co. of New YorkMassachusetts Supreme Judicial Court · 1926
- Creed v. McAleerMassachusetts Supreme Judicial Court · 1931
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