The Law of Railway Bonds and Mortgages in the United States of America; With Illustrative Cases from English and Colonial Courts
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. 1897 edition. Excerpt: ... be compelled to surrender it upon being tendered the suns due thereonF On the other hand, a. prior mortgagee is a proper party to bill for foreclosure, which asks at the same time that a receiver be appointed, and that the net revenues of the receivership be paid to such persons as the court should adjudge to be entflfled to them. The priority of the earlier mortgagee should be admitted and no direct relief asked against him." The reason of this qualification of the general rule is that the efiect of the appointment of a receiver is to defeat the power of those trustees to take possession of and operate the road, as the deed authorizes them to do.' 1 Jerome v. McCarter (1877), 94 U. S.; Woodworth v. Blair (1884), 112; Hanna et al. v. State Trust Co. (1895), 70 Fed. Rep. 2, 7; B. 0. 16 A. 586. 4 Allan v. The Manitoba & N. W. Ry. Co. (1894), 10 Manitoba, 108. See Grey v. Manitoba & N. W. Ry. Co. (1897), L. R. App. Cas., p. 254. 5 Kelly v. Trustees of Alabama & Cincinnati R-. Co. (1880), 58 Ale. 489; s. c. 21 Am. Ry. Rep. 138. S"-'gF3&' 95cents' @ 4 Andrews v. Smith (1881), 19 Blatch. 100; s. 0. 5 Fed. Rep. 833, 845. 5 Jerome v. McCarter (1877), 94 U. S. 734. 5-Siebert v. Minneapolis & St. Louis R. Co. (1888), 52 Minn. 148; s. o. 63 N. W. Rep. 1134. 7 Lambertville National Bank 0. McCready Bag 62 Paper Co. (N. J. Eq., 1888), 1 Law Rep. Ann. 334. 5 Miltenberger v. Logansport Ry. C0. (1ss2), 106 U. s. zss, soc. So, also, a prior mortgagee should be made a party where the junior mortgagee is endeavoring to obtain a sale of the entire property or estate, and not merely of the equity of the redemption;2 or where there are real doubts respecting the amount of; the debt due to the prior lienor.'
- Paperback | 480 pages
- 189 x 246 x 25mm | 848g
- 13 Sep 2013
- Illustrations, black and white