Sullivan v. Portland & K. R.
U.S. Circuit Court for the District of Maine
Bill in equity [by Richard Sullivan, trustee, and others, against the Portland & Ken-nebec Railroad Company and others], to set aside a foreclosure of certain trustees of a second mortgage upon a railroad, and to recover certain remitted annual interest by the holders of the certificates under the first mortgage — such remittance of interest having been made in favor of such holders of preferred stock as would accept a proposal of the stockholders to empower certain trustees…
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Bill in equity [by Richard Sullivan, trustee, and others, against the Portland & Ken-nebec Railroad Company and others], to set aside a foreclosure of certain trustees of a second mortgage upon a railroad, and to recover certain remitted annual interest by the holders of the certificates under the first mortgage — such remittance of interest having been made in favor of such holders of preferred stock as would accept a proposal of the stockholders to empower certain trustees to pay four per cent of the interest named in the certificates, to the treasurer of the company, to be applied in…
1Opinion of the Court
CLIFFORD, Circuit Justice.
Two principal questions are presented for decision by *354the claim of the complainants. They contend that the foreclosure of the second mortgage, under which the new corporation claim title to the mortgaged property, was illegal and void.
But, whether so, or not, they claim that they and all others bolding the six per cent certificates are entitled to recover their proportion of the four per cent annual interest so remitted and paid over to the treasurer, whether paid during the possession of the old or the new corporation, as the latter, as the complainants insist, took…
2Cases cited2 opinions
- Kennebec & Portland Railroad v. Portland & Kennebec RailroadSupreme Judicial Court of Maine · 1871
- Hoyt v. StoryNew York Supreme Court · 1848
3Cited by1 opinion
- Jackson v. KincaidSupreme Court of Oklahoma · 1896