Julian v. Central Trust Co.
Supreme Court of the United States
CERTIORARI TO THE CIRCUIT COURT OR APPEALS ROR THE ROURTH CIRCUIT. On May 2, 1894, a decree was entered in the Circuit Court of the United States for the Western District of North Carolina foreclosing a second mortgage of the Western North Carolina Railroad Company to the Central Trust Company of New York, trustee. The property was subject to a first mortgage to the same trustee, which was not in -default.
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CERTIORARI TO THE CIRCUIT COURT OR APPEALS ROR THE ROURTH CIRCUIT. On May 2, 1894, a decree was entered in the Circuit Court of the United States for the Western District of North Carolina foreclosing a second mortgage of the Western North Carolina Railroad Company to the Central Trust Company of New York, trustee. The property was subject to a first mortgage to the same trustee, which was not in -default. The decree provided: “ The purchaser or purchasers of the property herein decreed to be sold,” the Western- North Carolina Railroad and its franchises, “shall be invested with and shall…
1Opinion of the Court
Mr. JUstick Day,
after making-the foregoing statement, delivered the opinion of the court.
The title of the Southern Railway Company to-the franchise and property of the Western North Carolina Railroad Company would seem to be plain, unless there is something in the North Carolina statutes or judicial determinations which prevents the foreclosure proceedings from having effect to pass the title. A railroad company in North Carolina has full authority to mortgage its franchises and property. Code of North Carolina, sec. 195T. This power was also given by the charter of the Western North Carolina…
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