Farmers' Loan & Trust Co. v. Northern Pac. R.
U.S. Circuit Court for the District of Southern New York
This was a foreclosure suit by the Farmers’ Loan & Trust Company against t:he Northern Pacific Railroad Company. The original suit was commenced in the circuit court for the Eastern district of Wisconsin, in the Seventh judicial circuit, and auxiliary suits were filed in various other districts, including the present suit the Southern district oí New York, where the principal office of the railroad company was situated.
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This was a foreclosure suit by the Farmers’ Loan & Trust Company against t:he Northern Pacific Railroad Company. The original suit was commenced in the circuit court for the Eastern district of Wisconsin, in the Seventh judicial circuit, and auxiliary suits were filed in various other districts, including the present suit the Southern district oí New York, where the principal office of the railroad company was situated. The case has been heard upon the application of certain parties representing bondholders under the second and third mortgages to be made parties to the suit.
1Opinion of the Court
LACOMBE, Circuit Judge.
The application of Johnston Livingston and others, second mortgage bondholders, and of 0. B. Van Nosirand and others, third mortgage bondholders, to be made parties, was granted in the Seventh circuit, and in the propriety of such action this court concurs. The trust company is trustee under different mortgages of the samé railroad, or of parts thereof. These several mortgages are necessarily conflicting, and it is manifestly impossible for the trustee to fairly represent both sides in the resulting controversies, except by assuming such a position of neutrality sis…
2Cases cited1 opinion
- Clyde v. Richmond & D. R.U.S. Circuit Court for the District of Eastern Virginia · 1893
3Cited by2 opinions
- Northampton Trust Co. v. Northampton Traction Co.Supreme Court of Pennsylvania · 1921
- Pennsylvania Steel Co. v. New York City Ry. Co.U.S. Circuit Court for the District of Southern New York · 1908