Fosdick v. Schall
Supreme Court of the United States
Appeal from tbe Circuit Court of tbe United States for tbe Northern District of Illinois. Tbe Cbicago, Danville, and Vincennes Railroad Company, an Illinois corporation, on tbe lOtb of March, 1869, executed a mortgage to William R. Fosdick' and James D. Fish, trustees, to secure an issue of $2.500.000 of bonds.
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Appeal from tbe Circuit Court of tbe United States for tbe Northern District of Illinois. Tbe Cbicago, Danville, and Vincennes Railroad Company, an Illinois corporation, on tbe lOtb of March, 1869, executed a mortgage to William R. Fosdick' and James D. Fish, trustees, to secure an issue of $2.500.000 of bonds. This mortgage covered all the franchises, issues, and profits of the company, and all the property it then owned or possessed, or might thereafter acquire, either in law or equity. Provision was made to the effect that, in case of default in the payment of interest on the bonds…
1Opinion of the CourtChief Justice Waite
Two questions are presented by the assignment of errors in this case: —
1. Did the lien of the mortgages attach to the cap of Schall on their delivery to the company under his contract, so as to prevent their reclamation as against the mortgagees if the price was not paid according to agreement ?
2. Was the order for the payment out of the fund in court of the rent of the cars, during the time they were used by the receivers appointed by the State court and for six months before, justifiable under the circumstances of this case ?
As to the first question, it is contended that the mortgage…
2Cases cited5 opinions
- Galveston Railroad v. CowdreySupreme Court of the United States · 1871
- Hervey v. Rhode Island Locomotive WorksSupreme Court of the United States · 1877
- United States v. New Orleans RailroadSupreme Court of the United States · 1871
- Gilman v. Illinois and Mississippi Telegraph Company. Coykendall, Garnishee v. IdemSupreme Court of the United States · 1876
- Green v. Van BuskirkSupreme Court of the United States · 1867
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- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Atlantic Trust Co. v. ChapmanSupreme Court of the United States · 1908
- Carpenter v. Wabash Railway Co.Supreme Court of the United States · 1940
- Burnham v. BowenSupreme Court of the United States · 1884
- Morgan's Louisiana & Texas Railroad & Steamship Co. v. Texas Central Railway Co.Supreme Court of the United States · 1890
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