Farmers' Loan & Trust Co. v. Northern Pac. R. Co.
U.S. Circuit Court for the District of Washington
Suit by the Farmers’ Loan & Trust Company, a New York corporation, against the Northern Paciñc Railroad Company. On petition by Chaimcey W. Griggs and Addison G. Foster, interveners, asking that a certain judgment be paid by the receiver Andrew F. Burleigh out of current earnings.
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Suit by the Farmers’ Loan & Trust Company, a New York corporation, against the Northern Paciñc Railroad Company. On petition by Chaimcey W. Griggs and Addison G. Foster, interveners, asking that a certain judgment be paid by the receiver Andrew F. Burleigh out of current earnings. In the month of March, 1889, the supreme court of the territory of Washington affirmed a judgment theretofore rendered in favor of David O'Brien, for £0,000 and costs, against the Northern Pacific Railroad Company, for a .personal injury sustained through alleged negligence of the railroad company. Railroad Co. v.…
1Opinion of the CourtHanford, District Judge
(after stating the facts). Payment of this claim has been assented to by the solicitors for the Farmers’ Loan & Trust Company, representing the holders of the Northern Pacific securities, and also by the receiver’s counsel. It has been resisted by the representatives of a minority of the junior bondholders, on the ground that payment out of the funds in the hands of the receiver advances the claim to the rank of a first lien, and to that extent displaces the mortgages given to secure the several issues of bonds. By such a preference, it is said the man who becomes a creditor without…
2Cases cited2 opinions
- Union Trust Co. v. MorrisonSupreme Court of the United States · 1888
- Farmers' Loan & Trust Co. v. Kansas City, W. & N. W. R.U.S. Circuit Court for the District of Kansas · 1892
3Cited by8 opinions
- United States Fidelity & Guaranty Co. v. United States & Mexican Trust Co.Court of Appeals for the Eighth Circuit · 1916
- Farmers' Loan & Trust Co. v. Northern Pac. R.U.S. Circuit Court for the District of Oregon · 1896
- Gay v. Hudson River Electric Power Co.U.S. Circuit Court for the District of Northern New York · 1910
- McCullough v. Union Traction Co.Indiana Supreme Court · 1933
- Brooks v. St. Louis-San Francisco Ry. Co.Court of Appeals for the Eighth Circuit · 1950
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