Gilman v. Illinois
U.S. Circuit Court for the District of Iowa
[This was a bill by Gilman, Cowdrey and others, trustees, against the Illinois & Mississippi Telegraph Company.] In 1S57 the Des Moines Valley Railroad Company made to trustees a mortgage, and in 1S5S, to other trustees, another mortgage' to secure a large number of bonds. They were ordinary railway mortgages conveying the road, franchises, rolling stock, etc., together with “all rents, issues, incomes, tolls and profits.”
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[This was a bill by Gilman, Cowdrey and others, trustees, against the Illinois & Mississippi Telegraph Company.] In 1S57 the Des Moines Valley Railroad Company made to trustees a mortgage, and in 1S5S, to other trustees, another mortgage' to secure a large number of bonds. They were ordinary railway mortgages conveying the road, franchises, rolling stock, etc., together with “all rents, issues, incomes, tolls and profits.” In case of default to pay interest or .principal, the trustees were authorized to take possession “and collect and receive the tolls, incomes, issues and profits,” and…
1Opinion of the Court
DILLON, Circuit Judge.
Among other security taken by the bondholders was a pledge of the income and earnings of the road, with a provision that the railroad company should remain in possession until default in the payment of interest or principal, and upon default by the company in this respect, that the trustees might take possession and collect and receive the earnings of the road. They never took possession or asked for it, nor did they apply for a receiver at any time prior to the ninth day of September, 1873. He took possession September 15. The decree rendered May 31, 1S73, made no…
2Cases cited2 opinions
- Noyes v. RichSupreme Judicial Court of Maine · 1862
- City of Bath v. MillerSupreme Judicial Court of Maine · 1863