Knickerbocker Trust Co. v. Oneonta, Cooperstown & Richfield Springs Railway Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendants, Henry W. Bean and others, as committee of reorganization, etc.,, from an order of the Supreme Court, made at the Broome. Special Term and entered in the office of the clerk of the county of Otsego on the 29th day of October, 1909, confirming a report of a referee determining that certain claims are entitled to priority over the bonds of the defendant railway company in payment thereof out of the proceeds of the sale of the railway property.
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Appeal by the defendants, Henry W. Bean and others, as committee of reorganization, etc.,, from an order of the Supreme Court, made at the Broome. Special Term and entered in the office of the clerk of the county of Otsego on the 29th day of October, 1909, confirming a report of a referee determining that certain claims are entitled to priority over the bonds of the defendant railway company in payment thereof out of the proceeds of the sale of the railway property. The Knickerbocker Trust Company foreclosed a mortgage covering the property of the Oneonta, Cooperstown and Bichfield Springs…
1DissentHoughton, J.
I agree with Mr. Justice Cochrane in his conclusion that under the circumstances surrounding the making of the order permitting the receiver to issue certificates to the extent of $250,000, he was not thereafter justified in exceeding that sum even for paying the necessary running expenses of the road, and hence that the court erroneously directed the payment of certificates amounting to $25,471.84.
I am unable, however, to concur with him in a reversal of the order so far as it affects the certificates amounting to $35,000 which were issued by the receiver pursuant to the order of July 30,…
2Cases cited5 opinions
- Morgan's Louisiana & Texas Railroad & Steamship Co. v. Texas Central Railway Co.Supreme Court of the United States · 1890
- Title Guarantee Trust Co. v. . HavenNew York Court of Appeals · 1909
- Union Trust Co. v. Monticello & Port Jervis Railway Co.New York Court of Appeals · 1875
- Newburgh Savings Bank v. Town of WoodburyNew York Court of Appeals · 1903
- Townsend v. Oneonta, Cooperstown & Richfield Springs Railway Co.Appellate Division of the Supreme Court of the State of New York · 1903