Seymour & Brown v. Canandaigua & Niagara Falls Rail Road
New York Supreme Court
HIS action was commenced for the foreclosure of a mortgage, given by the Canandaigua and Niagara Falls Rail Road Company upon its rail road, track and franchises, and appurtenances, to secure the payment of $1,000,000 of the bonds of said company, issued to, and held by, different persons.
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HIS action was commenced for the foreclosure of a mortgage, given by the Canandaigua and Niagara Falls Rail Road Company upon its rail road, track and franchises, and appurtenances, to secure the payment of $1,000,000 of the bonds of said company, issued to, and held by, different persons. The mortgage was executed in due form, and bore date March 17, 1852. The defendants were duly organized as a corporation, under the general rail road act of this state, passed April 2,1850, for the purpose of constructing a rail road between the village of Canandaigua in the county of Ontario, and the…
1Opinion of the CourtE. Darwin Smith, J.
It does not appear at what precise time the bonds, mentioned in the mortgage described in the complaint in this action, were actually issued to bona fide holders, or at what time the money borrowed thereon was in fact advanced. The mortgage was made to secure these bonds, which were to be issued to such persons as should be found thereafter willing to advance their money upon such security. Seymour and Coe, the mortgagees named in the mortgage, were mere trustees for these bondholders. They did not, at the time of the making and execution of the mortgage, make any advance to the rail road…
2Cases cited6 opinions
- Mitchell v. WinslowU.S. Circuit Court for the District of Maine · 1843
- In re HoweNew York Court of Chancery · 1828
- Short & Co. v. Trabue & Co.Court of Appeals of Kentucky · 1863
- Fisher v. New-York Common PleasNew York Supreme Court · 1836
- Otis v. SillNew York Supreme Court · 1849
1 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- Toledo, Delphos & Burlington Railroad v. HamiltonSupreme Court of the United States · 1890
- New Orleans Pacific Railway Co. v. ParkerSupreme Court of the United States · 1892
- Shirley v. Waco Tap Railway Co.Texas Supreme Court · 1889
- Georgia Southern & Florida Railroad v. Mercantile Trust & Deposit Co.Supreme Court of Georgia · 1894
- Meyer v. Johnston & StewartSupreme Court of Alabama · 1875
34 more not listed; retrieve them via the Exa API.