Farmers' Loan & Trust Co. v. New York & Northern Railway Co.
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the second judicial department, entered June 30,1894, which affirmed a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term.
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Appeal from judgment of the General Term of the Supreme Court in the second judicial department, entered June 30,1894, which affirmed a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term. This action was brought to foreclose a second mortgage upon the property of the New York and Northern Eailway Company, made by it and given to the plaintiff as trustee to secure the payment of second mortgage bonds issued by that company amounting to three million two hundred thousand dollars. This mortgage was made in pursuance of a plan for the reorganization of…
1Opinion of the CourtMartin, J.
That the New York Central and Hudson Eiver Eailroad Company purchased a majority of the second-mortgage bonds and a majority of the stock of the New York and Northern Eailway Company for the sole purpose of obtaining' control of the property of the latter, is clearly established by the proof contained in the record. Indeed, such was the avowed purpose of its purchase. The record renders it equally clear that the New York Central and Hudson Eiver Eailroad Company was the actual and beneficial owner of such bonds and stock for several months before the commencement of this action. They were…
2Cases cited17 opinions
- Gamble v. Queens County Water Co.New York Court of Appeals · 1890
- Sage v. . CulverNew York Court of Appeals · 1895
- Jackson v. LudelingSupreme Court of the United States · 1874
- Callanan v. . GilmanNew York Court of Appeals · 1887
- Beveridge v. New York Elevated RailroadNew York Court of Appeals · 1889
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3Cited by119 opinions
- Southern Pacific Co. v. BogertSupreme Court of the United States · 1919
- Kavanaugh v. . Kavanaugh Knitting Co.New York Court of Appeals · 1919
- Allied Chemical & Dye Corp. v. Steel & Tube Co. of AmericaCourt of Chancery of Delaware · 1923
- Flynn v. . Brooklyn City R.R. Co.New York Court of Appeals · 1899
- Jones v. Missouri-Edison Electric Co.Court of Appeals for the Eighth Circuit · 1906
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