Knickerbocker Trust Co. v. Oneonta, Cooperstown & Richfield Springs Railway Co.
New York Court of Appeals
Appeal from an order of the Appellate Division of the Supreme Court in the third judicial department, entered June 17, 1910, which reversed an order of Special Term in a proceeding to determine a claim for priority of payment out of a fund arising from a sale in foreclosure of certain receivers’ certificates. The facts, so far as material, are stated in the opinion.
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Appeal from an order of the Appellate Division of the Supreme Court in the third judicial department, entered June 17, 1910, which reversed an order of Special Term in a proceeding to determine a claim for priority of payment out of a fund arising from a sale in foreclosure of certain receivers’ certificates. The facts, so far as material, are stated in the opinion. Bean and the reorganization committee have no interest in the proceeds of the sale of the mortgaged property, from which the claims in question are asked to he paid. They are not aggrieved, and could not maintain the appeal in the…
1Opinion of the Court
Cullen, Ch. J.
The controversy is between the holders of first mortgage bonds and the holders of certain receiver’s certificates over a fund in court arising from a sale in foreclosure under the mortgage upon the railroad. A judgment creditor of the railroad company, after issue of execution and its return unsatisfied, brought an action in the Supreme Court to sequestrate tlie property under the Code of Civil Procedure. (§§ 1784 et se<j., now art. 6 of General Corporation Law, Consolidated Laws, cli. 23.) At that time the- trustee under the mortgage had instituted an action for its foreclosure…
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- Wallace v. LoomisSupreme Court of the United States · 1878
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