Legal Opinion
American Brake Shoe & Foundry Co. v. Interborough Rapid Transit Co.
District Court, S.D. New York
Decided January 5, 1939PublishedCited by 12 opinions
1Opinion of the Court
PATTERSON, District Judge.
The question is whether interest shall be paid on past, due coupons of the Inter-borough 7 percent notes, out of monies received by the trustee for noteholders from the collateral pledged to secure the notes.
The notes, of which roughly $30,000,-000 in face amount are outstanding, were issued in 1922 under an indenture running to Bankers Trust Company as trustee for noteholders. Some $55,000,000 Inter-borough First and Refunding 5% Bonds were pledged as security for the notes! The indenture contained a covenant by the Interborough that the notes and also any overdue…
2Cases cited15 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Swift v. TysonSupreme Court of the United States · 1842
- Young v. . HillNew York Court of Appeals · 1876
- Newburger-Morris Co. v. . TalcottNew York Court of Appeals · 1916
- Merck v. American Freehold Land Mortgage Co. of London, Ltd.Supreme Court of Georgia · 1887
10 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Fahs v. MartinCourt of Appeals for the Fifth Circuit · 1955
- In Re American Fuel & Power Co.Court of Appeals for the Sixth Circuit · 1945
- Motel Corp. v. CommissionerUnited States Tax Court · 1970
- Empire Trust Co. v. EQUITABLE OFFICE BLDG. CORPORATIONCourt of Appeals for the Second Circuit · 1948
- Transbel Inv. Co. v. RothDistrict Court, S.D. New York · 1940
7 more not listed; retrieve them via the Exa API.