Stanton v. Alabama & C. R.
U.S. Circuit Court for the District of Southern Alabama
In equity. The bill in this case was filed by the trustees of a first mortgage deed executed by the defendant railroad company to secure its first mortgage bonds for the purpose, among oilier things, of bringing to sale the property conveyed by the mortgage, and to the end that the proceeds of the sale might be applied to the payment of the liens upon said property according to their priority.
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In equity. The bill in this case was filed by the trustees of a first mortgage deed executed by the defendant railroad company to secure its first mortgage bonds for the purpose, among oilier things, of bringing to sale the property conveyed by the mortgage, and to the end that the proceeds of the sale might be applied to the payment of the liens upon said property according to their priority. Before this time, trains had been running upon the road from one terminus to the other, but a portion of the road had been built in a hasty and temporary manner, and needed to be completed in a…
1Opinion of the Court
WOODS, Circuit Judge.
The most, important exceptions to the report of Master Phillips have been filed by the solicitors of the contesting first mortgage bondholders, and these will be first considered and disposed of in their order.
The first of these relates to what are designated the hypothecated receivers’ certificates. In order to understand the exception, it is necessary to set out briefly the facts as stated by Master Phillips, and his conclusions of law thereon: “The complainants in the bill,” says the master’s report, “were the trustees of the first mortgage bondholders. The bill prayed…
2Cases cited1 opinion
- Stanton v. Alabama & C. R. Co.United States Circuit Court · 1887
3Cited by13 opinions
- Union Trust Co. v. Illinois Midland Railway Co.Supreme Court of the United States · 1886
- Sheffield & Birmingham Coal, Iron & Railway Co. v. GordonSupreme Court of the United States · 1894
- McLane v. Placerville & Sacramento Valley R.R.California Supreme Court · 1885
- Kneeland v. LuceSupreme Court of the United States · 1891
- Huling v. FarwellAppellate Court of Illinois · 1889
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