Thayer v. Wathen

RAINEY, Associate Justice.

The Dallas Rapid Transit Railway Company was a general railroad corporation, organized under chapter 1 •of title.84 of the Revised Statutes of 1879. Its property .and franchises were subject to a mortgage to secure $110,000 in bonds. The owners of said bonds entered into the following agreement, viz:

“Whereas, the Dallas Rapid Transit Railroad Company gave its first mortgage .or trust deed to the Farmers Loan and Trust Company, dated July 21, 1890, to secure its 6 per cent bonds, which bonds are outstanding to the amount of $110,000; and,

“Whereas, default has been…