Kurtz v. Philadelphia & Reading Railroad
Supreme Court of Pennsylvania
Appeal, No. 437, Jan. T., 1897, by-plaintiff, from decree of C. P. No. 2, Phila. Co., Sept. T., 1896, No. 408, dismissing bill in equity. Bill in equity for an account. The facts appear by the opinion of the Supreme Court. Error assigned was in sustaining demurrer and dismissing the bill.
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Appeal, No. 437, Jan. T., 1897, by-plaintiff, from decree of C. P. No. 2, Phila. Co., Sept. T., 1896, No. 408, dismissing bill in equity. Bill in equity for an account. The facts appear by the opinion of the Supreme Court. Error assigned was in sustaining demurrer and dismissing the bill. The property of an insolvent corporation becomes, upon insolvency, a trust fund for the payment of its debts: Montgomery Web Co. v. Dienelt, 133 Pa. 585; R. R. v. Howard, 7 Wall. 392. This is not the case of an ordinary railroad foreclosure. The right of the mortgagees cannot extend beyond the property…
1Opinion of the Court
Opinion by
Mr. Justice Dean,
In February, 1893, the Philadelphia & Reading Railroad Company having defaulted in its interest on its third preference income mortgage bonds, a bill was filed by Thomas C. Platt, in the circuit court of the United States for the eastern district of Pennsylvania, averring insolvency of the company, and praying for the appointment of receivers for all the real estate and personal property of the company. Upon due consideration, the court appointed receivers, who entered into possession of all the property of the company, whether covered by the mortgage or not, and…
2Cases cited6 opinions
- Marshall v. HolmesSupreme Court of the United States · 1891
- Jackson v. LudelingSupreme Court of the United States · 1874
- Barrow v. HuntonSupreme Court of the United States · 1879
- Arrowsmith v. GleasonSupreme Court of the United States · 1889
- Jackson v. SummervilleSupreme Court of Pennsylvania · 1850
1 more not listed; retrieve them via the Exa API.
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- Farmers' Loan & Trust Co. v. Louisville, N. A. & C. Ry. Co.U.S. Circuit Court for the District of Indiana · 1900