American Loan & Trust Co. v. General Electric Co.
Supreme Court of New Hampshire
Bill in Equity, to restrain the General Electric Company, a judgment creditor of the Concord Electric Company, from completing a levy on property of the latter company, mortgaged to the American Loan and Trust Company. Facts agreed. The Concord Electric Company is a corporation, formed May 29, 1901, under the general law.
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Bill in Equity, to restrain the General Electric Company, a judgment creditor of the Concord Electric Company, from completing a levy on property of the latter company, mortgaged to the American Loan and Trust Company. Facts agreed. The Concord Electric Company is a corporation, formed May 29, 1901, under the general law. Its articles of association state the objects of its formation as follows: “ The objects for which this-corporation is established are (1) to acquire from the purchasers-of all the property, rights, and franchises of Concord Land and Water Power Company tmder foreclosure…
1Opinion of the CourtChase, J.
The power of private corporations generally to-secure the payment of their debts by a mortgage of their property is not denied; but it is alleged that the Concord Electric Company is a ijwim-public corporation and, being such, cannot mortgage or otherwise alienate its franchises and the property required for the performance of its public duties without the assent of the legislature. According to the weight of authority, measured by the number of the cases, ^wasi-pubhc corporations have this disability. 4 Thomp. Corp., ss. 5352, 5355, and authorities cited. Whether the reasons upon which the…
2Cases cited8 opinions
- People ex rel. Maybury v. Mutual Gas-Light Co.Michigan Supreme Court · 1878
- Miller v. Rutland & Washington RailroadSupreme Court of Vermont · 1864
- Hays v. Galion Gas Light & Coal Co.Ohio Supreme Court · 1876
- Commercial Electric Light & Power Co. v. City of TacomaWashington Supreme Court · 1897
- Shepley v. Atlantic & St. Lawrence R. R.Supreme Judicial Court of Maine · 1867
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3Cited by2 opinions
- Parker-Young Co. v. StateSupreme Court of New Hampshire · 1929
- Darling v. Newport Electric Light Co.Supreme Court of New Hampshire · 1908