Legal Opinion
Elwell v. Grand Street & Newtown Railroad
New York Supreme Court
Decided January 5, 1874PublishedCited by 1 opinion
ACTION to recover the possession of property- purchased by the plaintiffs at a foreclosure sale.
1Opinion of the CourtPratt, J.
The plaintiffs claim under a purchase made at a sale on foreclosure of a first mortgage upon a railroad not completed at the time the mortgage was issued. The bondholders under that mortgage advanced their money in good faith and it was received by the company and used in constructing its railroad. The road was described in the mortgage as it was then projected, but before it was completed a change was duly made in the route. The question is whether the mortgage as executed binds the road as built.
The mortgage in terms conveys the franchise of the company, and all property to be acquired.…
2Cases cited2 opinions
- Seymour & Brown v. Canandaigua & Niagara Falls Rail RoadNew York Supreme Court · 1857
- Whitwell v. WarnerSupreme Court of Vermont · 1848
3Cited by1 opinion
- Shirley v. Waco Tap Railway Co.Texas Supreme Court · 1889