Union Trust Company v. Souther
Supreme Court of the United States
Appeal from the Circuit Court of the United States for the Southern District of Illinois. This appeal was taken because of a difference of opinion between the circuit judge and the district judge holding the Circuit Court as to a matter decided, and the facts on which the questions certified depend may be stated as follows: — On the 7th of October, 1871, the 'Cairo and St. Louis Railroad Company mortgaged its property, franchises, tolls, incomes, and profits to the Union…
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Appeal from the Circuit Court of the United States for the Southern District of Illinois. This appeal was taken because of a difference of opinion between the circuit judge and the district judge holding the Circuit Court as to a matter decided, and the facts on which the questions certified depend may be stated as follows: — On the 7th of October, 1871, the 'Cairo and St. Louis Railroad Company mortgaged its property, franchises, tolls, incomes, and profits to the Union Trust Company of New York, to secure an issue of bonds amounting in tbe aggregate to $2,500,000. Default was made in the…
1Opinion of the Court · WaiteChief Justice Waite
It seems to us that the question certified is fully, disposed of by Fosdick v. Schall, 99 U. S. 235, 251, wher,e it was said, “We have no doubt that when a eourt of chancery is asked by railroad mortgagees to appoint a receiver of railroad property, pending proceedings for foreclosure, the court, in the exercise of a sound judicial discretion, may, as a condition of issuing the necessary order, impose such terms in reference to the payment from the income during the receivership of outstanding debts for labor, supplies, equipment, or permanent improvement of the mortgaged property, as may,…
Also in this document: Opinion of the Court · Waite.
2Cases cited1 opinion
- Fosdick v. SchallSupreme Court of the United States · 1879
3Cited by60 opinions
- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Gregg v. Metropolitan Trust Co.Supreme Court of the United States · 1905
- Fidelity Insurance, Trust & Safe Deposit Co. v. Shenandoah Valley RailroadSupreme Court of Virginia · 1889
- St. Louis, Alton & Terre Haute Railroad v. Cleveland, Columbus, Cincinnati, & Indianapolis Railway Co.Supreme Court of the United States · 1888
- Union Trust Co. v. MorrisonSupreme Court of the United States · 1888
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