Seymour v. Canandaigua & Niagara Falls Railroad
New York Supreme Court
This was an action brought to foreclose a mortgage made by the Canandaigua and Niagara Falls Railroad Company, to secure an issue of sterling bonds, of the equivalent of one million of dollars. The mortgage embraced the railroad of the company, and all its lands and real estate then acquired or thereafter to be acquired.
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This was an action brought to foreclose a mortgage made by the Canandaigua and Niagara Falls Railroad Company, to secure an issue of sterling bonds, of the equivalent of one million of dollars. The mortgage embraced the railroad of the company, and all its lands and real estate then acquired or thereafter to be acquired. A portion of the lands occupied by the road, including those occupied by a branch road, had not been purchased by the company at the time the mortgage was made. Certain of the judgment creditors of the company, insisted that the lien of the mortgage did not bind such of the…
1Opinion of the Court
By the court—E. Darwin Smith, Justice.
It does not appear at what precise time the bonds mentioned in the mortgage described in the complaint in this action, were actually issued to bona fide holders, or at what time the money borrowed thereon was in fact advanced. The mortgage was made to secure these bonds, which were to be issued to such persons as should be found thereafter willing to advance their money upon such security. Seymour and Coe, the mortgagees named in the mortgage, were mere trustees for these bondholders. They did not at the time of the making and execution of the mortgage,…
2Cases cited5 opinions
- Mitchell v. WinslowU.S. Circuit Court for the District of Maine · 1843
- In re HoweNew York Court of Chancery · 1828
- Fisher v. New-York Common PleasNew York Supreme Court · 1836
- Western Insurance Co. of Buffalo v. Eagle Fire InsuranceNew York Court of Chancery · 1828
- Brown v. Story's Adm'rCourt of Appeals of Kentucky · 1863
3Cited by2 opinions
- Newbould v. WarrinNew York Supreme Court · 1862
- Mundy v. MunsonNew York Supreme Court · 1886