Rea v. Pennsylvania Canal Co.
Supreme Court of Pennsylvania
Appeal, No. 35, Jan. T., 1915, by John Cadwalader, Jay Cooke, 3rd, Edward Bailey, Donald McCormick, Henry S. Rich, and William F. Norris, from order of C. P. No. 5, Philadelphia Co., Dec. T., 1910, No. 4799, dismissing exceptions to amended decree in case of Samuel Rea, Trustee, v. Pennsylvania Canal Company, John Cadwalader, Jay Cooke, 3rd, Edward Bailey, Donald McCormick, Henry S. Rich, William F. Norris, and The Pennsylvania Railroad Company.
Read the full summary
Appeal, No. 35, Jan. T., 1915, by John Cadwalader, Jay Cooke, 3rd, Edward Bailey, Donald McCormick, Henry S. Rich, and William F. Norris, from order of C. P. No. 5, Philadelphia Co., Dec. T., 1910, No. 4799, dismissing exceptions to amended decree in case of Samuel Rea, Trustee, v. Pennsylvania Canal Company, John Cadwalader, Jay Cooke, 3rd, Edward Bailey, Donald McCormick, Henry S. Rich, William F. Norris, and The Pennsylvania Railroad Company. Bill in equity to foreclose a mortgage. Before Ralston, J. A bill in equity was filed by a trustee under a mortgage issued by the Pennsylvania Canal…
1Opinion of the Court
Per Curiam,
The coupons presented by The Pennsylvania Railroad Company for. payment out of the proceeds of the sale of the mortgaged premises have priority over the bonds from which they were detached: Rea v. Pennsylvania Canal Company, 245 Pa. 589. This preference extends to the interest due on the coupons, for, while compound interest cannot, as a rule, be recovered in this State, “In the case of coupon bonds the coupons may be detached from the bond when due, and if not paid at maturity interest may be recovered thereon by the holder. (Town of Genoa v. Woodruff, 92 U. S. 502; Philadelphia &…
2Cases cited6 opinions
- Town of Genoa v. WoodruffSupreme Court of the United States · 1876
- County of Beaver v. ArmstrongSupreme Court of Pennsylvania · 1863
- Rea v. Pennsylvania Canal Co.Supreme Court of Pennsylvania · 1914
- Philadelphia & Reading Railroad v. SmithSupreme Court of Pennsylvania · 1884
- North Pennsylvania Railroad v. AdamsSupreme Court of Pennsylvania · 1867
1 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Hamilton v. Wheeling Public Service Co.West Virginia Supreme Court · 1921
- Brown v. Pennsylvania Canal Co.District Court, E.D. Pennsylvania · 1916
- Traphagen v. FlemingCourt of Appeals for the Seventh Circuit · 1946
- Foulkrod v. Quaker City Cold Storage Co.Superior Court of Pennsylvania · 1941