The Law of Railway Bonds And Mortgages in the United States of America With Ill
The Law of Railway Bonds And Mortgages in the United States of America With Ill
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In our eReader you can find the full English version of the book. Read The Law of Railway Bonds And Mortgages in the United States of America With Ill Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Law of Railway Bonds And Mortgages in the United States of America With Ill
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Schall has been tersely stated by Judge Hughes to be that " a court may for certain pur- poses stand in the shoes of the com])any whose property it has sequestrated, and satisfy equities which the company necessarily contracted for the benefit of all parties interested in keeping the railroad alive and in operation. " ^ § 598. Preferred Debts not Liens. — Preferred dcl)ts are not ranked above the bonded interest because they are a lien, ^ but on the ground that the application of the income to ...debts incurred to keep the road in operation is the paramount duty of the company, and that its failure to perform that duty is inequitable conduct, the results of which a Chancellor is justified in correcting, if he is asked by the mortgagees to sequestrate the income for their benefit by tlie appointment of a receiver. This theory has been justly characterized as a " new departure. " ^ 1 Atkins V. Petersburg Railroad Co. (1879), 3 Hughes, 307; s. C. 2 Fed. Cas. 90, Case Xo. 604.
2 See the extract given above from the opiuiou in Fosdick v.
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To quickly assess the difficulty of the text, read a short excerpt:
Schall has been tersely stated by Judge Hughes to be that " a court may for certain pur- poses stand in the shoes of the com])any whose property it has sequestrated, and satisfy equities which the company necessarily contracted for the benefit of all parties interested in keeping the railroad alive and in operation. " ^ § 598. Preferred Debts not Liens. — Preferred dcl)ts are not ranked above the bonded interest because they are a lien, ^ but on the ground that the application of the income to ...debts incurred to keep the road in operation is the paramount duty of the company, and that its failure to perform that duty is inequitable conduct, the results of which a Chancellor is justified in correcting, if he is asked by the mortgagees to sequestrate the income for their benefit by tlie appointment of a receiver. This theory has been justly characterized as a " new departure. " ^ 1 Atkins V. Petersburg Railroad Co. (1879), 3 Hughes, 307; s. C. 2 Fed. Cas. 90, Case Xo. 604.
2 See the extract given above from the opiuiou in Fosdick v.
What to read after The Law of Railway Bonds And Mortgages in the United States of America With Ill?
You can find similar books in the "Read Also" column, or choose other free books by Edward Lyman Short to read onlineMoreLess
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