Belfast & Moosehead Lake Railroad v. City of Belfast
Supreme Judicial Court of Maine
On report. Bill of interpleader against the city of Belfast and the other preferred stockholders of the plaintiff corporation.
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On report. Bill of interpleader against the city of Belfast and the other preferred stockholders of the plaintiff corporation. An interlocutory decree was made, directing that the city of Belfast interplead with the other defendants, named in the bill; and that the case proceed upon the bill and answer of the city of Belfast, taken as a bill, and the answer of the other defendants, taken as an answer, the city of Belfast having, by its answer, substantially adopted the allegations of the bill. The case was then reported to the law court on bill, answer and agreed statement. The opinion states…
1Opinion of the CourtPeters, C. J.
The plaintiffs were incorporated as a railroad company in 3867, the charter authorizing the issuing of preferred and non-preferred stock. The company was organized and by-laws were established prior to opening the books for the subscription of shares. The eighteenth by-law was this: " Dividends on the preferred stock shall first be made semiannually from the net earnings of said road, not exceeding six per centum per annum, after which dividend, if there shall remain a surplus, a dividend shall be made upon the non-preferred stock up to a like per cent per annum; and should a surplus then…
2Cases cited5 opinions
- Boardman v. Lake Shore & Michigan Southern Railway Co.New York Court of Appeals · 1881
- Jermain v. Lake Shore & Michigan Southern Railway Co.New York Court of Appeals · 1883
- St. John v. Erie Railway Co.Supreme Court of the United States · 1875
- Chaffee v. Rutland RailroadSupreme Court of Vermont · 1882
- Sherry v. McKinleySupreme Court of the United States · 1879
3Cited by18 opinions
- Farmers Cooperative Co. v. BirminghamDistrict Court, N.D. Iowa · 1949
- Spencer v. SmithCourt of Appeals for the Eighth Circuit · 1912
- Department of Labor & Industry, Bureau of Employment Security v. Unemployment Compensation Board of ReviewSuperior Court of Pennsylvania · 1964
- Hazel Atlas Glass Co. v. Van Dyk & Reeves, Inc.Court of Appeals for the Second Circuit · 1925
- Inscho v. Mid-continent Development Co.Supreme Court of Kansas · 1915
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