In re Bondholders of York & Cumberland R. R.
Supreme Judicial Court of Maine
On exceptions to the ruling of Davis, J. This case came before the Court at Nisi Rrius, upon a motion that the proceedings of a meeting of bond holders of York and Cumberland Railroad Company, be ratified and confirmed.
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On exceptions to the ruling of Davis, J. This case came before the Court at Nisi Rrius, upon a motion that the proceedings of a meeting of bond holders of York and Cumberland Railroad Company, be ratified and confirmed. It appeared that the company by their president and treasurer and with their corporate seal affixed, on Feb. 6,' 1851, in consideration of a contract made with them by John G. Myers of Portland, conveyed to "the said Myers and his assigns, who shall become the holders of the bonds, and coupons hereinafter mentioned, each in the ratio of the bonds so held by him, the franchise…
1Opinion of the Court
The opinion of the Court was drawn up by
Appleton, J.
By R. S., c. 51, § 53, it is enacted that " when a railroad corporation shall have mortgaged its railroad and franchise to secure the payment of any of its bonds and coupons, whether such mortgage was made directly to the holders of such obligations, or to trustees for their use, the refusal or neglect to pay any such bond or coupon, within ninety days after its presentment, (subsequent to its pay day,) to the treasurer or president for payment, shall be deemed a breach of the condition of the mortgage.”
The section in terms explicitly refers…
2Cited by1 opinion
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