The American and English Encyclopedia of Law, Volumen20

John Houston Merrill, Thomas Johnson Michie, Charles Frederic Williams, David Shephard Garland
E. Thompson, 1892

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Página 427 - Indeed, we are advised that some courts have made the appointment of a receiver conditional upon the payment of all unsecured indebtedness in preference to the mortgage liens sought to be enforced. Can anything be conceived which more thoroughly destroys the sacredness of contract obligations...
Página 428 - Many circumstances may exist which may make it necessary and indispensable to the business of the road and the preservation of the property, for the receiver to pay preexisting debts of certain classes, out of the earnings of the receivership, or even the corpus of the property, under the order of the court, with a priority of lien. Yet the discretion to do so should be exercised with very great care. The payment of such debts stands, prima facie, on a different basis from the payment of claims arising...
Página 429 - The mortgagee has his strict rights which he may enforce in the ordinary way. If he asks no favors, he need grant none. But if he calls upon a court of chancery to put forth its extraordinary powers and grant him purely equitable relief, he may, with propriety be required to submit to the operation of a rule which always applies in such cases, and do equity in order to get equity.
Página 528 - September be made and executed shall be adjudged fraudulent and void («) against any subsequent purchaser or mortgagee for valuable consideration, unless such memorial thereof be registered as by this Act is directed before the registering of the memorial of the deed or conveyance under which such subsequent purchaser or mortgagee shall claim...
Página 394 - ... and to authorize such receivers to raise money necessary for the preservation and management of the property, and make the same chargeable as a lien thereon for its repayment, cannot, at this day, be seriously disputed. It is a part of that jurisdiction, always exercised by the court, by which it is the duty to protect and preserve the trust funds in its hands. It is, undoubtedly, a power to be exercised with great caution, and, if possible, with the consent or acquiescence of the parties interested...
Página 427 - No one is bound to sell to a railroad company or to work for it; and whoever has dealings with a company whose property is mortgaged must be assumed to have dealt with it on the faith of its personal responsibility, and not in expectation of subsequently displacing the priority of the mortgage liens. It is the exception and not the rule that such priority of liens can be displaced.
Página 468 - He then refers to and reviews a number of authorities, English and American, on the subject, and continues as follows: "The principle deducible from these authorities seems to be, that whatever may be the form or nature of the conveyance used to pass real property, if the grantor sets forth ' on the face of the instrument, by way of recital or averment, that he is...
Página 335 - ... part thereof is open for public traffic, be liable to be taken in execution at law or in equity at any time after the passing of this act...
Página 431 - The power rests upon the fact that 'in the administration of the affairs of the company the mortgage creditors have got possession of that which in equity belonged to the whole or a part of the general creditors. Whatever is done, therefore, must be with * view to a restoration by the mortgage creditors of that which they have thus inequitably obtained.
Página 479 - The record shows that the defendant was asked if he had anything to say why sentence should not be passed upon him.

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