Gay v. Hudson River Electric Power Co.
Court of Appeals for the Second Circuit
Appeal from the Circuit Court of the United States for the Northern District of New York. Suit in equity by Eben Ii. Gay and others against the Hudson River Electric Power Company, the Empire State Power Company, and others. The New York Trust Company, as trustee, appeals from an order denying it leave to sell the property of the Empire State Power Company, under the terms of a mortgage.
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Appeal from the Circuit Court of the United States for the Northern District of New York. Suit in equity by Eben Ii. Gay and others against the Hudson River Electric Power Company, the Empire State Power Company, and others. The New York Trust Company, as trustee, appeals from an order denying it leave to sell the property of the Empire State Power Company, under the terms of a mortgage. This cause comes here upon an appeal from an order of the Circuit Court, Northern District of New York, denying the application of the New York Trust Company, trustee under a mortgage of the Empire State…
1Opinion of the CourtLacombe, Circuit Judge
(after stating the facts as above). The reason why petitioner has not brought a foreclosure suit, but applies instead for leave to sell under the eleventh clause, is quite apparent from an examination of the two clauses above quoted. Under the thirteenth clause foreclosure can only be had for defaulted interest; the principal cannot be declared due upon any such default, however long continued; there can be no foreclosure which will protect the principal until it falls due in 1930. Under the eleventh clause, however,, if defaulted interest is not paid by the time of sale, the principal shall…
2Cases cited1 opinion
- The Farmers'loan and Trust Co.Supreme Court of the United States · 1889
3Cited by18 opinions
- Odell v. H. Batterman Co.Court of Appeals for the Second Circuit · 1915
- Beneficial Industrial Loan Corp. v. SmithCourt of Appeals for the Third Circuit · 1948
- United States v. Sylacauga Properties, Inc.Court of Appeals for the Fifth Circuit · 1963
- United States v. RadiceCourt of Appeals for the Second Circuit · 1930
- MacGregor v. Johnson-Cowdin-Emmerich, Inc.Court of Appeals for the Second Circuit · 1929
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