Missouri Pacific Railway v. Mercantile Trust Co.

The action is brought to recover possession of 27,450 shares of the aggregate par value of $2,745,000 of the stock of the St. Louis, Iron Mountain and Southern Railway Company. The defendant claims the right to retain the stock as trustee under a trust indenture- made between the defendant and the plaintiff’s predecessor, which was a corporation bearing the same name as the plaintiff. The trust indenture referred to is dated February 15, 1905, and, among other things, contains the following: “ Whereas the Railway Company has duly determined and resolved to secure the payment of the principal…