McCornack v. Salem Railway Co.
Oregon Supreme Court
From Marion : Henry H. Hewitt, Judge. Suit by E. P. McCornack, trustee, against the Salem Consolidated Street Railway Company to foreclose a mortgage, in which A. R. Heintz & Go. intervened. The defendant, the Salem Consolidated Street Railway Company, is a corporation organized under the laws of Oregon, for the purpose, among others, of operating a street railway, and of supplying light and electric power through and by means of electrical appliances.
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From Marion : Henry H. Hewitt, Judge. Suit by E. P. McCornack, trustee, against the Salem Consolidated Street Railway Company to foreclose a mortgage, in which A. R. Heintz & Go. intervened. The defendant, the Salem Consolidated Street Railway Company, is a corporation organized under the laws of Oregon, for the purpose, among others, of operating a street railway, and of supplying light and electric power through and by means of electrical appliances. Having made default in the payment of its indebtednes to plaintiff, suit was instituted to foreclose the mortgage given on its entire property…
1Opinion of the CourtChief Justice Wolverton
We assume at the outset, as it seems to have been conceded by the parties to this controversy, that defendant corporation and its mortgagees holding liens upon its franchises and property, are subject to rules and regulations like those governing the management, control, and disposal of the property and assets of companies and corporations engaged in the operation of ordinary railroads, with quasi public functions to perform. It has become a settled principle under the authorities that where a mortgage is taken upon the property, and even upon the earnings, of such a corporation it is…
2Cases cited12 opinions
- Fosdick v. SchallSupreme Court of the United States · 1879
- Kneeland v. American Loan & Trust Co.Supreme Court of the United States · 1890
- Thomas v. Western Car Co.Supreme Court of the United States · 1893
- Miltenberger v. Logansport Railway Co.Supreme Court of the United States · 1882
- Burnham v. BowenSupreme Court of the United States · 1884
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3Cited by4 opinions
- Security Trust Co. v. Goble RailroadOregon Supreme Court · 1904
- Merriam v. Victory Mining Co.Oregon Supreme Court · 1900
- Stacy v. McNicholasOregon Supreme Court · 1914
- U. S. Investment Corp. v. Portland HospitalOregon Supreme Court · 1901