Wood v. Guarantee Trust and Safe Deposit Co.
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR . THE NORTHERN DISTRICT OF ILLINOIS. The court stated the case as follows: This is an appeal by interveners in the suit, one branch of which has been disposed of in the preceding case of Brown v. Guarantee Trust and Safe Deposit Company, ante, 403. In addition to the facts set forth in that case, and which need not' be repeated here, it may be stated that on the 23d of May, 1883, an order'of the court below was…
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APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR . THE NORTHERN DISTRICT OF ILLINOIS. The court stated the case as follows: This is an appeal by interveners in the suit, one branch of which has been disposed of in the preceding case of Brown v. Guarantee Trust and Safe Deposit Company, ante, 403. In addition to the facts set forth in that case, and which need not' be repeated here, it may be stated that on the 23d of May, 1883, an order'of the court below was entered,'directing the holders of the bonds and coupons issued by the City of Joliet Water Works Company, and secured by mortgage…
1Opinion of the CourtJustice Lamae
In this appeal the first claim advanced is, that since the llj coupons, parcel of the lot in controversy, were paid by Starr with the funds that he had raised for the express purpose of •defraying the expense of constructing the water works, it was .his primary duty so to use the money ; and that his failure so to do amounted to a diversion, which will entitle the appellants to a priority, under the doctrine of Fosdick v. Schall, 99 U. S. 235.
The argument is unsound. There are several answers to it. First, it overlooks the vital distinction between a debt for construction, and one for…
2Cases cited3 opinions
- Fosdick v. SchallSupreme Court of the United States · 1879
- Ketchum v. DuncanSupreme Court of the United States · 1878
- Cowdrey v. Galveston, Houston, & Henderson RailroadSupreme Court of the United States · 1877
3Cited by101 opinions
- Morgan's Louisiana & Texas Railroad & Steamship Co. v. Texas Central Railway Co.Supreme Court of the United States · 1890
- First Nat. Bank of Cincinnati v. FlershemSupreme Court of the United States · 1934
- First Nat. Bank of Chicago v. Prima Co.Court of Appeals for the Seventh Circuit · 1937
- Hanna v. State Trust Co.Court of Appeals for the Eighth Circuit · 1895
- Bosworth v. St. Louis Terminal Railroad Assn.Supreme Court of the United States · 1899
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