Dickerman v. Northern Trust Co.
Supreme Court of the United States
CERTIORARI TO THE CIRCUIT COURT OF APPEALS EOR THE SEVENTH CIRCUIT. This was .a bill in equity filed in The bill, which was in the ordinary form of a foreclosure bill, averred that, by the terms" of the bonds it was agreed by the paper company that it would redeem, on the first day of December,. 1893, one hundred of such bonds, and annually thereafter until December 1, 1901, a similar number, and that the principal of such bonds should become due, if the paper" company…
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CERTIORARI TO THE CIRCUIT COURT OF APPEALS EOR THE SEVENTH CIRCUIT. This was .a bill in equity filed in The bill, which was in the ordinary form of a foreclosure bill, averred that, by the terms" of the bonds it was agreed by the paper company that it would redeem, on the first day of December,. 1893, one hundred of such bonds, and annually thereafter until December 1, 1901, a similar number, and that the principal of such bonds should become due, if the paper" company should make default for a period of three months in the payment of any interest, and an election so to do were given in…
1Opinion of the Court
Mr. Justice Brown,
after stating the case, delivered the. opinion of the court.
This case presents primarily the question whether a minority of the stockholders of -a corporation have a right to intervene in the foreclosure of a mortgage upon the corporate property for the purpose of showing that the property was sold to the corporation by the connivance of the mortgagees at a gross overvaluation, and to compel the bonds held by them to be subjected to a set-off of their indebtedness to the corporation for unpaid stock.
It should be borne in mind in connection with the several defences set up by…
2Cases cited28 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Scovill v. ThayerSupreme Court of the United States · 1882
- Dodge v. WoolseySupreme Court of the United States · 1856
- Barney v. Baltimore CitySupreme Court of the United States · 1868
- Graham v. Railroad Co.Supreme Court of the United States · 1880
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