Eastern Electric Cable Co. v. Great Western Manufacturing Co.
Massachusetts Supreme Judicial Court
Bill in equity, under Pub. Sts. c. 151, § 2, cl. 11, and St. 1884, c. 285, § 1, to reach and apply, in payment of a debt due from the Great Western Manufacturing Company to the plaintiff, certain of its bonds in the possession of the American Loan and Trust Company.
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Bill in equity, under Pub. Sts. c. 151, § 2, cl. 11, and St. 1884, c. 285, § 1, to reach and apply, in payment of a debt due from the Great Western Manufacturing Company to the plaintiff, certain of its bonds in the possession of the American Loan and Trust Company. The bill alleged that, on November 27, 1894, the Great Western Manufacturing Company executed and delivered to the American Loan and Trust Company, as trustee, a certain mortgage of its plant located in the city of Duluth, Minnesota, to secure the payment of a series of bonds amounting to one hundred thousand dollars; that the…
1Opinion of the CourtMorton, J.
The bonds in the possession of the Trust Company were the unissued obligations of the Manufacturing Company. The Trust Company had made no advances on them, and could not issue them except, as the bill stated, by the order of the Manufacturing Company. The unissued notes or bonds of a party in his possession and control do not constitute a part of his property or assets. Richardson v. Green, 133 U. S. 30, 47. Coddington v. Gilbert, 17 N. Y. 489. See also Barnes v. Mobile & Northwestern Railroad, 12 Hun, 126; Sickles v. Richardson, 23 Hun, 559; Cook, Stock & Stockholders, (3d ed.) § 762;…
2Cases cited11 opinions
- Massie v. WattsSupreme Court of the United States · 1810
- Richardson's v. GreenSupreme Court of the United States · 1890
- Pinney v. McGregoryMassachusetts Supreme Judicial Court · 1869
- Wiggin v. HeywoodMassachusetts Supreme Judicial Court · 1875
- Pettibone v. Toledo, Cincinnati, & St. Louis RailroadMassachusetts Supreme Judicial Court · 1889
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3Cited by3 opinions
- Hopedale Manufacturing Co. v. Clinton Cotton MillsMassachusetts Supreme Judicial Court · 1916
- Bankers Trust Company v. . Denver Tramway CompanyNew York Court of Appeals · 1922
- Pearce, Mayer, & Greer, Inc. v. Attoyac Properties, Inc.Massachusetts Appeals Court · 1978