Coe v. Beckwith
New York Supreme Court
Demurrer to complaint. The plaintiff alleged that he was a trustee under a trust-deed from the Cleveland, Zanesville, and Cincinnati Railroad Company, conveying the track, equipments, tolls, and income of the road to secure the holders of the first mortgage-bonds of the road, amounting to $500,000, and was authorized thereby to take possession of the road and equipments, carry it on, and apply the proceeds to the payment of the bondholders, after deducting expenses, in case…
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Demurrer to complaint. The plaintiff alleged that he was a trustee under a trust-deed from the Cleveland, Zanesville, and Cincinnati Railroad Company, conveying the track, equipments, tolls, and income of the road to secure the holders of the first mortgage-bonds of the road, amounting to $500,000, and was authorized thereby to take possession of the road and equipments, carry it on, and apply the proceeds to the payment of the bondholders, after deducting expenses, in case the company made default in paying the coupons, &c., as they became due, for the period of sixty days after demand by…
1Opinion of the Court
Leonard, J.—(After stating the facts.)
The defendant, as one of his grounds of demurrer, insists that the complaint does not state facts sufficient to constitute a cause of action.
It is necessary then to ascertain whether the plaintiff has any title to these funds as a trustee. If he has such title, he is entitled to apply to this court for instructions as to his conduct in relation to the trust, when questions of difficulty arise, and in that event also, the defendant will have acquired no lien upon the funds in question, by virtue of his attachment.
In my opinion, the complaint fails to make…
2Cited by4 opinions
- In re BrunsNew York Supreme Court · 1935
- Nordman v. CraigheadSupreme Court of Arkansas · 1872
- Holland Trust Co. v. SutherlandAppellate Division of the Supreme Court of the State of New York · 1901
- Holland Trust Co. v. . SutherlandNew York Court of Appeals · 1904