Louisville Trust Co. v. Cincinnati Inclined-Plane Ry. Co.
U.S. Circuit Court for the District of Southern Ohio
This is a bill filed by the Louisville Trust Company, as trustee under a mortgage or deed of trust, duly recorded, given to it on the 1st day of January, 1889, to secure an issue of 500 bonds of $1,000 each, with interest thereon at 6 per cent, per annum, payable semiannually, of which bonds $375,000 have been certified by the trust company, and sold to various persons, and are outstanding.
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This is a bill filed by the Louisville Trust Company, as trustee under a mortgage or deed of trust, duly recorded, given to it on the 1st day of January, 1889, to secure an issue of 500 bonds of $1,000 each, with interest thereon at 6 per cent, per annum, payable semiannually, of which bonds $375,000 have been certified by the trust company, and sold to various persons, and are outstanding. The remainder of said issue, amounting to $125,000, not having been certified, remain in the hands of the complainant, as trustee, to take v. a previous issue. The bill showed a default In the Interest,…
1Opinion of the CourtTaft, Circuit Judge
(after stating the facts as above). The grant in the mortgage was, first, of “the railways, rails, bridges, and real estate * * * belonging to or held by said company.” Now, there is not a word here containing the slightest suggestion that these words refer to future-acquired property. In the absence of such .words, they must be construed to mean such property then in existence and owned by the mortgagor. The grant was, second, of “all the tolls, incomes, issues, and profits to accrue from the same or any part thereof.” This language limits the income, tolls, and profits to those accruing…
2Cases cited3 opinions
- State v. Northern Central Railway Co.Court of Appeals of Maryland · 1862
- Pullan v. Cincinnati & C. Air-Line R.U.S. Circuit Court for the District of Indiana · 1865
- Coe v. PennockU.S. Circuit Court for the District of Northern Ohio · 1857
3Cited by5 opinions
- Guaranty Trust Co. of New York v. Minneapolis & St. LR Co.Court of Appeals for the Eighth Circuit · 1929
- Vrooman v. Burdett.Supreme Court of Missouri · 1935
- Guaranty Trust Co. of New York v. Minneapolis & St. L. R.Court of Appeals for the Fourth Circuit · 1928
- Atwater v. Wheeling & L. E. Ry. Co.Court of Appeals for the Sixth Circuit · 1932
- American Brake Shoe & Foundry Co. v. New York Rys. Co.Court of Appeals for the Second Circuit · 1923