The Federal Cases; Comprising Cases Argued and Determined in the Circuit and District Courts of the United States from the Earliest Times to the Beginning of the Federal Reporter, Arranged Alphabetically by the Titles of the Volume 20

The Federal Cases; Comprising Cases Argued and Determined in the Circuit and District Courts of the United States from the Earliest Times to the Beginning of the Federal Reporter, Arranged Alphabetically by the Titles of the Volume 20

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...that matter. On this last-named day the defendant company appeared, and filed an answer to the rule to show cause why an injunction should not be awarded and a permanent receiver appointed. The answer admitted the insolvency of the company, and asked again that Williams C. Wickham might be appointed permanent receiver. But the answer disclosed the fact to the court, not as yet stated in the proceedings. that the mortgage to Duncan and Calhoun, under which complainants claimed, and which in the hill is alleged to be a first mortgage, is not so in fact. This answer alleges it to be the fourth, while other exhibits now filed show it to be the fifth mortgage in point of time. But the court, notwithstanding the almost unanimous consent of parties, refused to appoint Wickham, and it still adheres to the conclusions then formed. It appeared to the court then, as it does now, that the Chesapeake and Ohio Railroad Company is overwhelmed with debt, secured and unsecured. How it became so it is not for us to determine. But the court, when calied upon to appoint:1 receiver for a corporation totally insolvent, who is to be the mere servant of the court, upon whose fidelity and ability to manage during the pendency of the suit the property lntrusted to him, the court must rely, ought not, and ought not to be expected, to appoint a person under whose charge and control the resources of the road had been exhausted, its property seized upon execution, and the necessity for a receiver brought about. The receiver is not the receiver of the bondholders or secured creditors. He is the mere hand ot the court. The unsecured creditors, whose chances of a dividend are remote, have a deep interest in knowing that the road, while its assets are being marshailed, ..show more

Product details

  • Paperback | 1178 pages
  • 189 x 246 x 58mm | 2,055g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236896629
  • 9781236896629