Chatham Bank & Trust Co. v. Ocilla Southern Railroad
Supreme Court of Georgia
Equitable petition. Before Judge Eve. Irwin superior court. December 28, 1920. Chatham Bank and Trust Company, as trustee, brought its equitable petition in Irwin superior court, to foreclose two mortgages of the Ocilla Southern Railroad Company, one being a first mortgage made to this trustee to secure an issue of first mortgage bonds, and the second being a mortgage to this trustee to secure certain short-term notes.
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Equitable petition. Before Judge Eve. Irwin superior court. December 28, 1920. Chatham Bank and Trust Company, as trustee, brought its equitable petition in Irwin superior court, to foreclose two mortgages of the Ocilla Southern Railroad Company, one being a first mortgage made to this trustee to secure an issue of first mortgage bonds, and the second being a mortgage to this trustee to secure certain short-term notes. The railroad company was in default under both mortgages, and the trustee’s right to foreclose them had fully accrued. Garbutt, a stockholder of the railroad company, had…
1Opinion of the CourtHines, J.
(After stating the foregoing facts.)
1. The petition in this ease sets up causes of action. About this there can not be even a fanciful doubt; but counsel for the defendants insist, that, as the property of the Ocilla Southern Kailroad Compaixy, including that embraced in the plaintiff’s mortgages, had been placed in the hands of receivers, the plaintiff can only prosecute these causes of action in the receivership case by intervention, and not by an independent proceeding of foreclosure and for receiver. In reply to this position counsel for the plaintiff contends that the receivership…
2Cases cited20 opinions
- Lord v. VeazieSupreme Court of the United States · 1850
- Cleveland v. ChamberlainSupreme Court of the United States · 1862
- Alexander v. SearcySupreme Court of Georgia · 1889
- Taber v. Royal InsuranceSupreme Court of Alabama · 1899
- Herring v. . N.Y., L.E. W.R.R. Co.New York Court of Appeals · 1887
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3Cited by3 opinions
- City Bank & Trust Co. v. GrafSupreme Court of Georgia · 1932
- Mathews v. Fort Valley Cotton MillsSupreme Court of Georgia · 1933
- Ocilla Southern Railroad v. Chatham Bank & Trust Co.Supreme Court of Georgia · 1923