Guaranty Trust Co. v. Troy Steel Co.
New York Supreme Court
Motion to vacate and set aside an execution issued upon a judgment, rendered by the Troy City Court, and docketed in Albany county, in favor of one Valentine, and the levy made thereunder. It appears from the papers herein that on the 1st of January, 1896, The Troy Steel Company executed and delivered to the plaintiff, as trustee, a certain mortgage to secure its bonds of the same date, to the amount of $1,750,000. These bonds bore negotiable interest coupons.
Read the full summary
Motion to vacate and set aside an execution issued upon a judgment, rendered by the Troy City Court, and docketed in Albany county, in favor of one Valentine, and the levy made thereunder. It appears from the papers herein that on the 1st of January, 1896, The Troy Steel Company executed and delivered to the plaintiff, as trustee, a certain mortgage to secure its bonds of the same date, to the amount of $1,750,000. These bonds bore negotiable interest coupons. This mortgage covered both real and personal property, and was duly recorded in both' Rensselaer and Albany counties, where the real…
1Opinion of the CourtFursman, J.
The execution and the levy made thereunder must be set aside for the following reasons, among others:-
Chapter 119 of the Laws of 1868 provides that it “ shall not be necessary to file as a chattel mortgage, any mortgage which has been, or shall hereafter be, executed by any railroad company upon real and personal property, and which has been, or shall be, recorded as a mortgage of real estate in each county in, or through which the railroad runs.”
In 1895 this act was amended by the omission of the words “ by any railroad company.” Laws of 1895, chap. 529. This act declares that “ It shall not…
2Cases cited3 opinions
- Matter of Estate of PrimeNew York Court of Appeals · 1893
- Hadden v. CollectorSupreme Court of the United States · 1867
- State Trust Co. v. Casino Co.Appellate Division of the Supreme Court of the State of New York · 1896
3Cited by2 opinions
- Fitzgerald v. Atlanta Home InsuranceAppellate Division of the Supreme Court of the State of New York · 1901
- Raab v. National Slavonic Society of United StatesAppellate Terms of the Supreme Court of New York · 1915