Arnot v. . Union Salt Co.
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the third judicial department, entered November 21, 1905, affirming a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term. The nature of the action and the facts, so far as material, are stated in the opinion.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the third judicial department, entered November 21, 1905, affirming a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term. The nature of the action and the facts, so far as material, are stated in the opinion. The Appellate Division erred in holding that, assuming that the coupons were not presented, the mere nonpayment of the coupons during the six months constituted a default. (Matter of Young, L. R. [31 Ch. Div.] 174; H. V. R. R. Co., v. O'Connor, 95 App. Div. 6; McClelland v.…
1Opinion of the CourtWillard Bartlett, J.
This is a suit to foreclose a mortgage made by the defendant corporation to the plaintiff as trustee to secure the payment of 200 bonds of the par value of $5Q0.00 each, and the coupons attached to the same representing interest payable thereon annually at the rate of five per cent per annum. The mortgage contains a provision that in case of any. default by the Union Salt Co. in the payment of interest upon said bonds or any of them and the continuance of such default for six months “if the holders of one-half in value of the then outstanding bonds hereby intended to be secured shall so elect…
2Cases cited3 opinions
- Toplitz v. . BauerNew York Court of Appeals · 1900
- Thomson v. . PoorNew York Court of Appeals · 1895
- Le Gendre v. Scottish Union & National InsuranceNew York Court of Appeals · 1906
3Cited by26 opinions
- Nassau Trust Co. v. Montrose Concrete Products Corp.New York Court of Appeals · 1982
- Pollitz v. . Wabash R.R. Co.New York Court of Appeals · 1912
- Imperator Realty Co. v. . TullNew York Court of Appeals · 1920
- Costello v. . CostelloNew York Court of Appeals · 1913
- County of Lincoln v. FISCHEROregon Supreme Court · 1959
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