Western R.R. Co. v. . Nolan
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the third judicial district, affirming a judgment dismissing plaintiff’s complaint. The action was brought to restrain the defendants, as assessors of the city of Albany, from assessing the sum of $500,000, for personal property, against Joseph C. Y. Paige and Thomas W. Olcott, trustees, for the purpose of taxation.
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Appeal from judgment of the General Term of the Supreme Court in the third judicial district, affirming a judgment dismissing plaintiff’s complaint. The action was brought to restrain the defendants, as assessors of the city of Albany, from assessing the sum of $500,000, for personal property, against Joseph C. Y. Paige and Thomas W. Olcott, trustees, for the purpose of taxation. The said sum was held by Paige and Olcott as trustees, under certain tripartite contracts, dated in 1840, 1841 and 1849, between the city of Albany of the first part, the Albany and West Stockbridge Railroad Company…
1Opinion of the Court
Leonard, C.
While the plaintiff has an important interest in the sinking fund, it is not under its control or management, nor is the title to it vested in it. It has such an interest as would enable it to compel an accounting by the trustees, or maintain an action against them for the correction of an abuse of the fund. The plaintiff has agreed to indemnify the city of Albany from injury by losses to the fund, and is thereby indirectly bound to maintain it, or to pay the bonds, amounting to $1,000,000, with the interest; and the plaintiff is also entitled to the amount of the trust funds…
2Cited by54 opinions
- Riviera Congress Associates ex rel. Lewy v. YasskyNew York Court of Appeals · 1966
- City of Boston v. DolanMassachusetts Supreme Judicial Court · 1937
- Tzolis v. WolffNew York Court of Appeals · 2008
- Strain v. Seven Hills AssociatesAppellate Division of the Supreme Court of the State of New York · 1980
- Matter of Estate of StrautNew York Court of Appeals · 1891
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