New York Trust Co. v. Detroit, T. & I. Ry. Co.
Court of Appeals for the Sixth Circuit
Appeal from the District Court of the United States for the Eastern District of'-Michigan; Arthur J. Tuttle, Judge. Suits by the JSIew York Trust Company and others against the Detroit, Toledo & Ironton Railway Company, wherein receivers were appointed for defendant. Interest on six months and receivership claims by the Halley Coal Company, W. K. Tripp, and others were disallowed, and claimants appeal.
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Appeal from the District Court of the United States for the Eastern District of'-Michigan; Arthur J. Tuttle, Judge. Suits by the JSIew York Trust Company and others against the Detroit, Toledo & Ironton Railway Company, wherein receivers were appointed for defendant. Interest on six months and receivership claims by the Halley Coal Company, W. K. Tripp, and others were disallowed, and claimants appeal. These cases are here on appeal from judgments denying the right to interest on six months and receivership claims. On February 1,' 1908, the Knickerbocker Trust Company, as trustee named in a…
1Opinion of the CourtSater, District Judge
(after stating the facts as, above). The Detroit, Toledo & Ironton Railroad Company (the new company) resists the appellants’ claims for interest. The question as to whether any of such claims was improperly given an equitable priority by the trial court, as between its owner and the bondholders, need not be considered, as no issue is made on that point.
[1-3] There are two well-defined classes of interest. In the one, it arises out of some contract, express or implied, to pay it. In the other, it is allowed as damages for some breach of contract or the violation of some duty, and is usually…
2Cases cited44 opinions
- Barton v. BarbourSupreme Court of the United States · 1881
- Fosdick v. SchallSupreme Court of the United States · 1879
- Thomas v. Western Car Co.Supreme Court of the United States · 1893
- United States v. North CarolinaSupreme Court of the United States · 1890
- American Iron & Steel Manufacturing Co. v. Seaboard Air Line RailwaySupreme Court of the United States · 1914
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3Cited by13 opinions
- Girard Trust Co. v. United StatesSupreme Court of the United States · 1926
- Nelson v. Chicago Mill & Lumber CorporationCourt of Appeals for the Eighth Circuit · 1935
- Union Trust Co. v. KaplanAppellate Division of the Supreme Court of the State of New York · 1936
- Alliance Ins. Co. v. Alper-Salvage Co.Court of Appeals for the Sixth Circuit · 1927
- Pool v. First Nat. Bank of PrincetonCourt of Appeals of Kentucky (pre-1976) · 1941
8 more not listed; retrieve them via the Exa API.