Phillips v. Eastern Railroad
Massachusetts Supreme Judicial Court
Bill in equity, filed May 1, 1883, by one of three trustees, to whom the Eastern Railroad Company had executed a mortgage of its railroad and other property, in pursuance of the St. of 1876, c. 236, to secure certain certificates of indebtedness to be issued to the creditors of the company, against the company and the other trustees, to restrain the company from executing a lease of its railroad and other property, for the term of fifty-five years, to the Boston and Maine…
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Bill in equity, filed May 1, 1883, by one of three trustees, to whom the Eastern Railroad Company had executed a mortgage of its railroad and other property, in pursuance of the St. of 1876, c. 236, to secure certain certificates of indebtedness to be issued to the creditors of the company, against the company and the other trustees, to restrain the company from executing a lease of its railroad and other property, for the term of fifty-five years, to the Boston and Maine Railroad, subject to the mortgage. The court ordered notice by publication to the holders of the certificates of…
1Opinion of the CourtC. Allen, J.
The plaintiff contends, in the first place, that, though a lease is in terms authorized by St: 1880, c. 205, the execution of the proposed lease should be restrained, on the general ground that the virtual union of the two railroad companies in the manner contemplated is inconsistent with the mortgage, and with the St. of 1876, c. 236, by which the mortgage was authorized. The argument is, in substance, that under the mortgage and statute the net earnings of the Eastern Railroad Company *124are to be ascertained in a carefully specified manner, which must be substantially followed; that under the…
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