Miller v. Rutland & Washington Railroad
Supreme Court of Vermont
Petition for the foreclosure of a mortgage. The Rutland and Washington Railroad Company, chartered in 1847, surveyed and located a railroad pursuant to its charter, and put it under contract for its entire completion, including land damages. The contractors were to receive in payment shares of the capital stock at par, for all but $100,000., which sum was to be paid in money.
Read the full summary
Petition for the foreclosure of a mortgage. The Rutland and Washington Railroad Company, chartered in 1847, surveyed and located a railroad pursuant to its charter, and put it under contract for its entire completion, including land damages. The contractors were to receive in payment shares of the capital stock at par, for all but $100,000., which sum was to be paid in money. They proceeded with the work, and when it became necessary to procure rails, it was found that the capital stock couldmot be made productive of the necessary means. Thereupon the directors voted to modify the contracts…
1Opinion of the CourtBarrett, J.
Had the corporation legal competency to pledge its credit for the procurement of rails for its road, and to secure payment by a mortgage ?
It is now to be regarded as settled beyond any proper ground of question, that a corporation may contract debts necessary for the due accomplishment of the purposes of its creation, and may give valid security for their payment by pledge or mortgage of any property, or interests in property, that are subject to its disposal, by virtne of the implied power existing in it, and without any. express provision of statute to that effect, provided it be not…
2Cases cited5 opinions
- Hart v. Farmers & Mechanics BankSupreme Court of Vermont · 1860
- Bank of Middlebury v. Rutland & Washington RailroadSupreme Court of Vermont · 1858
- Noyes v. Rutland & Burlington RailroadSupreme Court of Vermont · 1854
- Bank of Middlebury v. EdgertonSupreme Court of Vermont · 1858
- Chesnut-Hill Reservoir Co. v. ChaseSupreme Court of Connecticut · 1840
3Cited by28 opinions
- North v. Higbee Co.Ohio Supreme Court · 1936
- Crumlish v. Railroad Co.West Virginia Supreme Court · 1889
- Board of Commissioners of Tippecanoe Co. v. Lafayette, Muncie, & Bloomington RailroadIndiana Supreme Court · 1875
- O'Connor v. ChiascioneSupreme Court of Connecticut · 1943
- Morrill v. MorrillSupreme Court of Vermont · 1880
23 more not listed; retrieve them via the Exa API.