Vatable v. New York, Lake Erie & Western Railroad
New York Court of Appeals
These are appeals from judgments of the General Term of the Supreme Court, in the first judicial department, entered upon orders made at the October term, 1883, which affirmed judgments in favor of plaintiffs, entered upon decisions of the court on trial at Special Term.
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These are appeals from judgments of the General Term of the Supreme Court, in the first judicial department, entered upon orders made at the October term, 1883, which affirmed judgments in favor of plaintiffs, entered upon decisions of the court on trial at Special Term. Under judgment of foreclosure of a mortgage covering the property and franchises of the Erie Railway Company the mortgaged property was bid off by trustees in pursuance of a plan for the reorganization of the road as authorized by statute (Chap. 430, Laws of 1874, as amended by chap. 446, Laws of 1876); a new company, the…
1Opinion of the CourtEabl, J.
A railroad company having the right by law to mortgage its property and franchises can confer upon the mortgagee the same interests and rights which an individual by mortgage of his property can confer. Unless some statute intervenes, the foreclosure of a railroad mortgage will cut off all the rights and interests of a railroad company, the mortgagor, in the property mortgaged, and nothing will be left for the general creditors and stockholders of the company but their interest in the surplus, if any, after satisfying the mortgage. But for many years the legislature has attempted to protect…
2Cases cited3 opinions
- Weed v. . WeedNew York Court of Appeals · 1883
- Robinson v. CropseyNew York Court of Chancery · 1833
- Pratt v. . MunsonNew York Court of Appeals · 1881
3Cited by1 opinion
- De Gellert v. PooleCity of New York Municipal Court · 1888