Jesup v. City Bank of Racine
Wisconsin Supreme Court
APPEAL from the Circuit Court for Hacine County. This was an action to foreclose a second, mortgage upon the Racine and Mississippi Railroad.
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APPEAL from the Circuit Court for Hacine County. This was an action to foreclose a second, mortgage upon the Racine and Mississippi Railroad. The mortgage was executed in the name of the Racine & Mississippi Railroad Company and under its common seal, by H. S. Durand, its president, and bore date January 1, 1857, but its execution was acknowledged by Durand June 27th, 1857. It was given to secure seven hundred bonds executed in like manner in the name of said company, for $1,000 each, which bore'date January 1, 1857, and were payable January 1, 1872, to M. K. Jesup and G. B. Raymond or-…
1Opinion of the Court
By the Court,
Paine, J.
This action was brought to foreclose a mortgage upon the Racine and Mississippi Railroad. It was issued to secure seven hundred bonds of $1,000 each, under the authority of a resolution of the board of directors. The resolution in general terms authorized the president to issue a mortgage, without Refining -any of its covenants or conditions, beyond saying that it was to secure bonds “running fifteen years, with semi-annual interest.” Each of the bonds issued contained a provision that on default of paying any instalment of interest when due, and on its remaining unpaid…
2Cases cited1 opinion
- Boyd v. SumnerWisconsin Supreme Court · 1859
3Cited by10 opinions
- Guaranty Trust Co. of New York v. KoehlerCourt of Appeals for the Eighth Circuit · 1912
- Ogden v. BradshawWisconsin Supreme Court · 1915
- Endress v. ShoveWisconsin Supreme Court · 1901
- Godfrey L. Cabot, Inc. v. Gas Products Co.Montana Supreme Court · 1933
- Pershing v. WolfeColorado Court of Appeals · 1895
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