A Treatise on the Law of Railroad and Other Corporate Securities; Including Municipal Aid Bonds

A Treatise on the Law of Railroad and Other Corporate Securities; Including Municipal Aid Bonds

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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. 1879 edition. Excerpt: ...we are attempting to obtain the mind and will of the parties at the time of making the contract in re gard to the state of facts which has now intervened; and it will, perhaps, fairly test this, to ask ourselves, what would have been their probable response, had the inquiry been put' to the parties: What shall be done with this property, and how shall it be managed, in case of foreclosure? Shall the trustees continue to manage it for the time being, and until the order of the Court of Chancery, as in the case of other trusts? It seems to us there can be but one response to this question. The trustees seem to have been selected for this very ofiice, among others, of controlling and managing the property in case of forfeiture and surrender, as trustees, for the benefit of the cestuis Que trust, in order to make it available for the payment of the bonds, both interest and principal. This must be so until some organization of the bondholders, and the acquiring of some capacity to act, by a majority, or in some such way, as to enable them to discharge this new class of duties thrown upon them by the forfeiture of the condition of the mortgage, and the surrender of the road with ii! incidents and fixtures." A strict foreclosure is now very rarely had; but it is conceived that the duties of trustees who purchase mortgaged p1'0P@l't)' at a foreclosure sale for the benefit of the bondholders would he PYBI cisely the same as those of trustees who acquire the title bY_" decree of strict foreclosure. Provision, however, is now 'lulte generally made by statute for the organization of purchasers 39 such a' sale into a corporation, so that the management bY mw tees after foreclosure need be only temporary, and Illltil such...show more

Product details

  • Paperback | 274 pages
  • 189 x 246 x 15mm | 494g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236759265
  • 9781236759269