New England Mutual Life Insurance v. Phillips
Massachusetts Supreme Judicial Court
Bill in equity, filed January 11, 1886, by the New England Mutual Life Insurance Company, in its own behalf, and in behalf of all the other holders of certificates of indebtedness of the Eastern Railroad Company, issued in accordance with the provisions of the St. of 1876, e. 236, against Willard P. Phillips, William B. Bacon, and William C. Rogers, trustees under a mortgage executed by said railroad company, and Jacob C. Rogers, Challes J. Morrill, George E. B. Jackson, and…
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Bill in equity, filed January 11, 1886, by the New England Mutual Life Insurance Company, in its own behalf, and in behalf of all the other holders of certificates of indebtedness of the Eastern Railroad Company, issued in accordance with the provisions of the St. of 1876, e. 236, against Willard P. Phillips, William B. Bacon, and William C. Rogers, trustees under a mortgage executed by said railroad company, and Jacob C. Rogers, Challes J. Morrill, George E. B. Jackson, and John Cummings. The bill alleged an issue of certificates of indebtedness by said trustees under said mortgage to an…
1Opinion of the CourtC. Allen, J.
The first question which we have to determine is, whether, by virtue of the provisions of the Sts. of 1876, e. 236, and 1885, c. 8, the trustees are bound to cancel all certificates of indebtedness purchased by them with the sinking fund, or whether they must or may hold them as a permanent investment, and collect from the corporation the interest falling due thereon. And we are of opinion that it is their duty to cancel the certificates as fast as purchased.
Looking, in the first place, at the provisions of the original statute, in the light of the indebtedness of the corporation then…
2Cases cited8 opinions
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