Munson v. Magee
Appellate Division of the Supreme Court of the State of New York
Appeal from trial term, Schuyler county. Action by Edgar Munson against John Magee and others, as executors of George J. Magee, deceased. From a judgment for plaintiff, defendants appeal. Reversed.
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Appeal from trial term, Schuyler county. Action by Edgar Munson against John Magee and others, as executors of George J. Magee, deceased. From a judgment for plaintiff, defendants appeal. Reversed. The action was to recover damages for breach of a contract under seal, of which the following is a copy: “Whereas, Edgar Munson, of Williamsport, Pa., George M. Case, of Fulton, N. Y., and John E. Gowen, of New York City, are the owners and holders of the first mortgage bonds of the Sodus Bay, Corning and New York Railroad Company, and, as a committee, represent the holders of other bonds of said…
1Opinion of the CourtLandon, J.
(after stating the facts as above.) We think the contract of August 13, 1875, a valid one. Such was the intimation—although not the decision—of the court in Munson v. Railroad Co., 103 N. Y. 58, 8 N. E. 355. The intent of the contract was not to prevent competition in bidding upon the foreclosure sale, but to procure through the foreclosure a sale of the mortgaged property to a new railroad company for 50 per cent, of the amount due upon the defaulted bonds of the insolvent company,—a price manifestly greater than could be obtained for it from any purchaser who could not be sure of obtaining…
2Cases cited14 opinions
- Lawrence v. . FoxNew York Court of Appeals · 1859
- Conrow v. . LittleNew York Court of Appeals · 1889
- McKenzie v. . HarrisonNew York Court of Appeals · 1890
- Trustees of the Freeholders & Commonalty v. SmithNew York Court of Appeals · 1890
- Barr v. New York, Lake Erie & Western RailroadNew York Court of Appeals · 1891
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3Cited by1 opinion
- Williams v. MageeAppellate Division of the Supreme Court of the State of New York · 1902