Rice's Appeal
Supreme Court of Pennsylvania
Appeal from the decree at Nisi Prius. In Equity. Of January Term 1873. In the distribution of the proceeds of trustees’ sale of The Southern Pennsylvania Iron and Railroad Company. On the 22d of March 1867 an Act of Assembly, authorizing the incorporation of the Caledonian Iron and Railroad Company, was passed.
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Appeal from the decree at Nisi Prius. In Equity. Of January Term 1873. In the distribution of the proceeds of trustees’ sale of The Southern Pennsylvania Iron and Railroad Company. On the 22d of March 1867 an Act of Assembly, authorizing the incorporation of the Caledonian Iron and Railroad Company, was passed. The capital was to be $300,000, with power to increase it to $500,000, in shares of $100 each, or to such an amount as might be “ necessary to the full and complete operation of the company.” The number of directors to be nine. A director might be an agent or officer with a salary. The…
1Opinion of the Court · AgetewChief Justice Agetew
The first subject for consideration is the fund in court. What does it represent? The mortgage under which the sale was made, embraced the entire railroad and all its land, property, franchises, sidings, workshops, stations, depots, machinery, rolling stock, and every thing of a tangible nature, then owned or to be thereafter acquired, together with all the corporate rights, privileges, franchises, easements and liberties, then existing or thereafter to be acquired. Thus not only the entire property, real and personal of the corporation, but even its capacity to make other property by its…
Also in this document: Opinion of the Court · Paxson.
2Cases cited5 opinions
- Abbot v. American Hard Rubber Co.New York Supreme Court · 1861
- Banks v. JudahSupreme Court of Connecticut · 1830
- Himes v. BarnitzSupreme Court of Pennsylvania · 1839
- Cornwell's AppealSupreme Court of Pennsylvania · 1844
- Lockington's CaseSupreme Court of Pennsylvania · 1813
3Cited by11 opinions
- Pennsylvania Knitting Mills of Reading v. Bibb Manufacturing Co.Superior Court of Pennsylvania · 1900
- Mortgage Building & Loan Ass'n CaseSupreme Court of Pennsylvania · 1939
- Henderson v. Plymouth Oil Co.Court of Chancery of Delaware · 1925
- Curt v. ZimanSuperior Court of Pennsylvania · 1940
- Mueller v. Monongahela Fire Clay Co.Supreme Court of Pennsylvania · 1898
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