Candee v. Penniman
Supreme Court of Connecticut
Bill in equity. The bill alleged that the Beacon Dam Company, a manufacturing corporation located in this state, issued its bonds for sale in the market, to the amount of $50,000, payable in New York city, and secured them by a mortgage of its real estate, situated in this state, to James P. Penniman of the city of New York, Curtis B. Raymond of the city of Boston, and Leverett Candee of the city of New Haven, in trust for the benefit of the bondholders ; that Gorham D.…
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Bill in equity. The bill alleged that the Beacon Dam Company, a manufacturing corporation located in this state, issued its bonds for sale in the market, to the amount of $50,000, payable in New York city, and secured them by a mortgage of its real estate, situated in this state, to James P. Penniman of the city of New York, Curtis B. Raymond of the city of Boston, and Leverett Candee of the city of New Haven, in trust for the benefit of the bondholders ; that Gorham D. Abbott of the city of New York became the holder of $5,000 of the bonds, of which he pledged $4,000 to the Broadway Bank, in…
1Opinion of the CourtDutton, J.
This case stands on a demurrer to a petition in chancery. A brief statement of the principal allegations contained in it will show that the demurrer must be overruled. The petition alleges that the Beacon Dam Company issued bonds to a large amount, and mortgaged its real estate and machinery to Penniman and others as trustees, who are some of the respondents, to secure them. The corporation afterwards went into insolvency and is in fact utterly insolvent. Abbott, one of the respondents, became the owner of some of the bonds, and lodged several of them with the Broadway Bank of New York, as…
2Cases cited1 opinion
- Judah v. JuddSupreme Court of Connecticut · 1815
3Cited by1 opinion
- Armstrong v. CowlesSupreme Court of Connecticut · 1876