Vanfrank v. St. Louis, Cape Girardeau & Ft. Smith Railway Co.
Missouri Court of Appeals
Appeal from Cape Girardeau Circuit Court. — Hon. Henry G. Riley, Judge. STATEMENT OR THE CASE. The Missouri Pacific Railway Company intervened in a suit to foreclose a number of railroad mortgages executed by the St. Louis, Cape Girardeau & Et. Smith Railway Company, formerly known at various stages of its existence as the Cape Girardeau Railway Company, and Cape Girardeau Southwestern Railway Company. ' Five mortgages were foreclosed.
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Appeal from Cape Girardeau Circuit Court. — Hon. Henry G. Riley, Judge. STATEMENT OR THE CASE. The Missouri Pacific Railway Company intervened in a suit to foreclose a number of railroad mortgages executed by the St. Louis, Cape Girardeau & Et. Smith Railway Company, formerly known at various stages of its existence as the Cape Girardeau Railway Company, and Cape Girardeau Southwestern Railway Company. ' Five mortgages were foreclosed. Four of them were known as divisional mortgages, each being the first lien1 on a certain division of the railway. Leo Doyle was trustee in them. The fifth was…
1Opinion of the CourtGoode, J.
A question of first impression in this State is presented for decision by the facts stated, but one familiar to the Eederal Courts, which devised and developed the equitable doctrine that sometimes accords a right of prior payment to the holders of unsecured demands against insolvent railway companies over the owners of mortgage bonds. The new equity blossomed in the course of the extensive litigation entertained by those courts for the foreclosure of mortgages on and the appointment of receivers of railway properties, which gradually opened a clearer view of the complex interests involved in…
2Cases cited25 opinions
- Fosdick v. SchallSupreme Court of the United States · 1879
- Kneeland v. American Loan & Trust Co.Supreme Court of the United States · 1890
- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Thomas v. Western Car Co.Supreme Court of the United States · 1893
- Miltenberger v. Logansport Railway Co.Supreme Court of the United States · 1882
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3Cited by3 opinions
- Beck v. Quincy, Omaha & Kansas City RailroadMissouri Court of Appeals · 1908
- Massey v. Camden & Trenton Railway Co.Supreme Court of New Jersey · 1911
- Guaranty Trust Co. v. Seaboard Air Line Ry. Co.District Court, E.D. Virginia · 1935