Osterberg v. Union Trust Co.
Supreme Court of the United States
Appeal from the Circuit Court of the United States for the Northern District of Illinois. The Rockford, Rock Island, and St. Louis Railroad Company-issued certain bonds secured by its mortgages to the Union Trust Company, the trustee Of the bondholders.
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Appeal from the Circuit Court of the United States for the Northern District of Illinois. The Rockford, Rock Island, and St. Louis Railroad Company-issued certain bonds secured by its mortgages to the Union Trust Company, the trustee Of the bondholders. The trustee filed its bill to foreclose the mortgages, June 11, 1874, in the court below; and on the 29th of the following October a receiver was appointed to take charge of the money, real and personal assets of the company, and all its rights and property, with power to exercise its franchises, and, if need be, to sell, transfer, and convey,…
1Opinion of the CourtJustice Davis
We are unable to perceive that the appellant is entitled to the relief which he seeks.'
1. The taxes for 1875 were, at the date of the decree, a subsisting lien- upon the mortgaged property, and he had not only constructive but actual notice of its existence. It is true that the title of a purchaser at a judicial sale under a degree of foreclosure takes effect by relation to the date of the mortgage, and defeats any subsequent lien or incumbrance.- A lien for taxes does not, however, stand upon the footing of an ordinary incumbrance, and is not displaced by a sale under a pre-existing judgment…
2Cited by29 opinions
- United States v. AlabamaSupreme Court of the United States · 1941
- State Ex Rel. Malott v. Board of County CommissionersMontana Supreme Court · 1930
- California Loan & Trust Co. v. WeisCalifornia Supreme Court · 1897
- Watson v. JonesSupreme Court of Florida · 1899
- Osterberg v. Union Trust CompanySupreme Court of the United States · 1877
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