James v. . Cowing
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of plaintiff, entered upon a decision of the court on trial without a jury.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, affirming a judgment in favor of plaintiff, entered upon a decision of the court on trial without a jury. (Reported below, 17 Hun, 256.) This action was brought by plaintiff as .the holder of certain-bonds issued by the West Side Elevated Patent Railway Company, to recover damages caused by an alleged breach of trust on the part of the defendant Cowing, trustee under a mortgage given to secure said bonds. The material facts appear in the opinion. Purchasers only can organize a new corporation.…
1Opinion of the CourtFinch, J.
The defendant was trustee of a railroad mortgage made by the “West Side Elevated Patent Railway Company ” to secure its bonds of $500, each, issued to the amount of $750,000. By the terms of the mortgage the trustee was authorized, in case of default, to institute proceedings for foreclosure upon the written request of holders of the bonds to the amount of $100,000. A default occurred; the proper request was made; and the trustee lawfully, and in the performance of his duty, commenced a foreclosure. The mortgage contained. further provisions defining the authority of the trustee in case of a…
2Cases cited1 opinion
- Smith v. . Glen's Falls Insurance Co.New York Court of Appeals · 1875
3Cited by19 opinions
- Industrial General Trust, Ltd. v. . TodNew York Court of Appeals · 1905
- O'Reilley v. . City of KingstonNew York Court of Appeals · 1889
- Baumann v. . PinckneyNew York Court of Appeals · 1890
- Smith v. Massachusetts Mutual Life Ins.Supreme Court of Florida · 1934
- Detroit Trust Co. v. Stormfeltz-Loveley Co.Michigan Supreme Court · 1932
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