In re the New Paltz & Wallkill Valley Railroad
New York Supreme Court
Motion by a trustee for bondholders, directing the receiver of corporation above named to turn over to it all the property covered by and provided for in the mortgage. Facts appear in opinion.
1Opinion of the CourtScott, J.
The New Paltz & Wallkill Valley railroad, for the purpose of securing an issue of bonds to the amount of $150,000, executed a trust mortgage in the usual form of railroad mortgages to the Franklin. Trust Company, as trustee for the bondholders. Interest was duly paid on the bonds until November 1, 1898, when the company defaulted in the payment of the interest falling due on that date, and has since remained in default. The mortgage provides in its sixth clause that if the company shall make default *325in the payment of any installment of interest, and shall remain in default for sixty days…
2Cases cited1 opinion
- In re Hamilton Park Co.Appellate Division of the Supreme Court of the State of New York · 1896