Stanton v. Alabama & C. R. Co.
United States Circuit Court
In Matter of Exceptions to Master’s Report, disallowing claims against purchaser of railroad property under mortgage sale. D. Is.
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In Matter of Exceptions to Master’s Report, disallowing claims against purchaser of railroad property under mortgage sale. D. Is. Stanton and others, as trustees under the first mortgage of the Alabama & Chattanooga Railroad Company, filed a bill for the foreclosure of that mortgage, and August 26, 1872, Mr. Circuit Justice Bradley appointed Rice and Haralson receivers of the railroad property, with authority to issue ál,200,000 of certificates, at not less than 90 cents on the dollar, to raise funds for the repair of the road. A decree of sale was rendered January 28, 1874, but on August 24…
1Opinion of the Court
Toulmin, J.1
The real issue presented by the exceptions—indeed the only practical issue—is the validity and effect of 14 receivers’ certificates, for $1,000 each, held by the claimants, Church and McVity-, and sought by them to be established as a valid claim and lien against the trust property, the Alabama Great Southern Railroad, formerly the Alabama & Chattanooga Railroad, involved in this litigation. Special Master Burke reported adversely to the claim; that the certificates were not used or disposed of in accordance with the order of court authorizing their issue; and that they should not…
2Cases cited3 opinions
- Brant v. Virginia Coal & Iron Co.Supreme Court of the United States · 1876
- Deery v. CraySupreme Court of the United States · 1867
- Stanton v. Alabama & C. R.U.S. Circuit Court for the District of Southern Alabama · 1875
3Cited by2 opinions
- Stanton v. Alabama & C. R.U.S. Circuit Court for the District of Southern Alabama · 1875
- Stanton v. Alabama & C. R.U.S. Circuit Court for the District of Southern Alabama · 1875