Union Cattle Co. v. International Trust Co.
Massachusetts Supreme Judicial Court
Bill in equity, filed March 81, 1888, to prevent the sale of coupon bonds issued by the Union Cattle Company, a Wyoming corporation, and held by the defendant trust company, which was incorporated in this Commonwealth, as collateral security for a debt due to it from the cattle company. Hearing upon the pleadings and agreed facts, before W. Allen, J., who reserved the case for the consideration of the full court, in substance as follows.
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Bill in equity, filed March 81, 1888, to prevent the sale of coupon bonds issued by the Union Cattle Company, a Wyoming corporation, and held by the defendant trust company, which was incorporated in this Commonwealth, as collateral security for a debt due to it from the cattle company. Hearing upon the pleadings and agreed facts, before W. Allen, J., who reserved the case for the consideration of the full court, in substance as follows. The plaintiffs other than the Union Cattle Company were the receivers appointed to wind up its affairs, and other holders of like bonds, who appeared for…
1Opinion of the CourtField, J.
We assume, without consideration, that if the cattle company were a Massachusetts corporation in insolvency, under our laws the trust company would not be permitted to prove its debt without surrendering the bonds which it held as collateral security at the time of the commencement of the proceedings in insolvency, as well as the bonds and notes which represented the actual amount of the indebtedness of the cattle company at that time, and that if the trust company, after the commencement of proceedings in insolvency, sold the bonds held as collateral, tire purchasers would be excluded from…
2Cases cited5 opinions
- Costelo v. CrowellMassachusetts Supreme Judicial Court · 1883
- Third National Bank v. Eastern RailroadMassachusetts Supreme Judicial Court · 1877
- Merchants' National Bank v. Eastern RailroadMassachusetts Supreme Judicial Court · 1878
- Ex parte FarnsworthDistrict Court, D. Massachusetts · 1870
- Merchants' National Bank v. ThompsonMassachusetts Supreme Judicial Court · 1882
3Cited by8 opinions
- Pratt v. HigginsonMassachusetts Supreme Judicial Court · 1918
- Seder v. GouldMassachusetts Supreme Judicial Court · 1931
- Guinzburg v. H. W. Downs Co.Massachusetts Supreme Judicial Court · 1896
- Strauss v. United Telegram Co.Massachusetts Supreme Judicial Court · 1895
- Fidelity & Deposit Co. of Maryland v. City of TauntonMassachusetts Supreme Judicial Court · 1939
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