International Trust Co. v. Davis & Farnum Manufacturing Co.
Supreme Court of New Hampshire
Bills in Equity, to restrain the levy of executions against the Winnipesaukee Gas and Electric Light Company upon real estate formerly of said company, except in subordination to the rights of bondholders. 'Facts found by the court. The Light Company was incorporated in 1887 (Laws 1887, o. 244), constructed gas-works, and entered into business.
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Bills in Equity, to restrain the levy of executions against the Winnipesaukee Gas and Electric Light Company upon real estate formerly of said company, except in subordination to the rights of bondholders. 'Facts found by the court. The Light Company was incorporated in 1887 (Laws 1887, o. 244), constructed gas-works, and entered into business. Its charter authorized it to borrow money to defray the expense of the works, not exceeding in all one half the cost thereof, and to issue bonds therefor, secured by mortgage.' In 1895, the corporation issued bonds to the amount of $50,000, secured by…
1Opinion of the CourtPeaslee, J.
The mortgage to a trustee, to secure the payment of bonds to be thereafter issued, was valid, and became effective as the bonds were disposed of. Richards v. Railroad, 44 N. H. 127, 137; Stavers v. Philbrick, 68 N. H. 379. At the times the attachments were made the mortgage was a lien upon the property to the extent of the money then advanced upon the bonds, or $14,100 as against the Davis & Farnum Company and $19,100 as against Kendall. As to sums thereafter advanced, the attachments take precedence. It is only upon the theory that the mortgage takes effect as of the time when the debt is…
2Cases cited2 opinions
- Parsons v. . JohnsonNew York Court of Appeals · 1877
- Lewis v. American Savings & Loan Ass'nWisconsin Supreme Court · 1898
3Cited by9 opinions
- Bennett v. WestfallCourt of Appeals of Maryland · 1946
- Green Tree Servicing, LLC v. United StatesDistrict Court, D. New Hampshire · 2011
- Douglass v. State BankSupreme Court of Florida · 1919
- Griffin v. International Trust Co.Court of Appeals for the Ninth Circuit · 1908
- In Re ChaseUnited States Bankruptcy Court, D. New Hampshire · 2008
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