Seibert v. Minneapolis & St. Louis Ry. Co.
Supreme Court of Minnesota
Appeal by plaintiff, Henry Seibert, trustee, from an order of the District Court of Hennepin County, Lochren, J., made March 9, 1892, directing him to pay to Robert Benson and others the interest due on their bonds. The Minneapolis & St. Louis Railway Company on October 12, 1882, made its mortgage or deed of trust to the Central Trust Company of New York upon all its railway lines and property to secure the payment of four thousand bonds of $1,000 each.
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Appeal by plaintiff, Henry Seibert, trustee, from an order of the District Court of Hennepin County, Lochren, J., made March 9, 1892, directing him to pay to Robert Benson and others the interest due on their bonds. The Minneapolis & St. Louis Railway Company on October 12, 1882, made its mortgage or deed of trust to the Central Trust Company of New York upon all its railway lines and property to secure the payment of four thousand bonds of $1,000 each. This was called the improvement and equipment mortgage and was junior and subject to several prior mortgages. One of these prior mortgages…
1Opinion of the CourtGileillan, C. J.
This is an action to foreclose a mortgage executed by the railway company defendant to the Central Trust Company of New York, as trustee, (in whose place plaintiff has been substituted as trustee,) to secure bonds issued by the company. The mortgage is junior to eight other mortgages, each covering some portion of the line of railroad, and the franchises and movable property belonging thereto, included in the plaintiff’s mortgage. Each of the nine mortgages includes a pledge of the income, rents, issues, and profits of the division or section of railroad and other property mortgaged, and each…
2Cases cited2 opinions
- Sage v. Memphis & Little Rock RailroadSupreme Court of the United States · 1888
- Rice v. St. Paul & Pacific RailroadSupreme Court of Minnesota · 1878
3Cited by14 opinions
- Atlantic Trust Co. v. DanaCourt of Appeals for the Eighth Circuit · 1903
- Mortgage Loan Co. v. LivingstonCourt of Appeals for the Eighth Circuit · 1930
- Clay v. Selah Valley Irrigation Co.Washington Supreme Court · 1896
- First Savings Bank & Trust Co. v. StuppiCourt of Appeals for the Eighth Circuit · 1924
- Truesdale v. Farmers' Loan & Trust Co.Supreme Court of Minnesota · 1897
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