Evansville & Indianapolis Railroad v. Frank

29 N.E. 419, 3 Ind. App. 96, 1891 Ind. App. LEXIS 236
CourtIndiana Court of Appeals
DecidedNovember 12, 1891
DocketNo. 349
StatusPublished
Cited by3 cases

This text of 29 N.E. 419 (Evansville & Indianapolis Railroad v. Frank) is published on Counsel Stack Legal Research, covering Indiana Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Evansville & Indianapolis Railroad v. Frank, 29 N.E. 419, 3 Ind. App. 96, 1891 Ind. App. LEXIS 236 (Ind. Ct. App. 1891).

Opinion

Black, J. —

The court rendered a special finding, and counsel in argument have presented, first, the question whether the court erred in its conclusions of law. The facts were found, in substánce, as follows :

The Indianapolis and Evansville Eailway Company was organized to construct a railroad from Evansville, Indiana, to a junction with the Ohio and Mississippi Eailroad in Daviess county, in this State, and on the 18th of March, 1884, it had constructed and operated said road in part, and assumed to own and control a railroad between said points through the town of Petersburgh, Indiana. Said company had executed its mortgage to Eoache and Henning, trustees, for one million dollars, and on the day above mentioned, in a suit in the Superior Court of Vanderburgh county, wherein said trustees were plaintiffs, and said company and others were defendants, a decree was rendered foreclosing said mortgage, and ordering the sale of the property therein described, being that portion of the railway of said company “ as the same is or may hereafter be constructed, extending from the city of Evansville through the counties of Vanderburgh, Warrick, Gibson, Pike, and Daviess, in said State of Indiana, to a junction with the Ohio and Mississippi Eailway, in [98]*98said State of Indiana, together with,” etc., including all property, rights, powers, privileges, and franchises then owned, or thereafter to be acquired for the construction, maintenance and operation of said railway.

In said foreclosure proceeding one C. J. Hepburn had been appointed receiver of said company and its property, and was acting as such at the date of said decree, by the terms of which he was directed, in the name of said company, to execute debentures of the tenor and effect as follows :

“ No.- $100.00.
“ Indianapolis and Evansville Railway Company.
“State of Indiana. Traffic Debenture.
The Indianapolis and Evansville Railway Company and the undersigned receiver and his successors will receive from the holder thereof the warrants hereto attached, at the full face value thereof, on account of any sum due to said company, or said receiver, for tickets or freight over its line, from and after this date and for and during the period of twenty years from and after the date of the confirmation of the sale of said railway company, its property and franchises, to be made under the decree of foreclosure of the superior court of Vanderburgh county, decreeing the foreclosure of the mortgage set out in the complaint, in the suit of Addison L. Roache and Matthew Henning, trustees, against said company and divers other parties, which decree is entered in order-book number 6, at page 292, and following :
“ Provided, always, that said company and said receiver shall not be required to receive warrants to a greater amount than one-half of the amount then to be paid by the holder hereof to said company or receiver, for tickets or freights, and provided, further, that the last warrant shall never be detached herefrom, but this contract shall be surrendered with said last warrant to the agent or officer of the company receiving the same on account of such payment.
[99]*99“ This debenture and the warrants thereto attached shall be receivable as aforesaid, during said period of time, by the purchaser or purchasers of said railway company, its property and franchises, at the sale thereof to be had under said decree, and by his or their assignees, vendees or grantees, and by the said' company, and by the receiver thereof, and by any other company which may succeed to the rights and franchises of said company, and by any other person or corporation who or which shall at any time become the owner •or lessee of the said company, or hold title thereto in any form whatsoever.
“This debenture shall'be registered in the name of the owner,before it is issued by said receiver, on demand of any person to whom it is issued,so as to be payable only to order, and whenever desired may be transferred so as again to be payable to bearer.
“ The warrants attached to this debenture shall be receivable without endorsement, and shall be honored in the hands of every lawful holder.
“ This debenture is issued in pursuance of the judgment and decree of the superior court of Vanderburgh county above stated, and all the terms of said decree are taken and held to be parts of this debenture.
“ In witness whereof, C. J. Hepburn, receiver of the Indianapolis and Evansville Railway Company (but not individually), has executed-this contract, and affixed the seal of said railway company hereto, this first day of May, 1884, at Evansville, Indiana.
“ [seal.] C. J. Hepburn,
“ Receiver of the Indianapolis and Evansville Railway Company.”

As a part of said debentures and attached thereto said receiver was directed to execute coupons of the tenor and effect as follows:

“Indianapolis and Evansville Railway Company.
“$2,00. (Two dollars.) $2.00. Receivable as a por[100]*100tion of and in conformity with the provisions of debenture No.-. C. J. Hepburn, Receiver.”
“Indianapolis and Evansville Railway Company. “ $5.00. (Five dollars.) $5.00. Receivable as a portion of and in conformity with the provisions of debenture
No.-. C. J. Hepburn, Receiver.”

Each of said debentures of one hundred dollars was to have sixteen warrants or coupons of five dollars each, and ten warrants or coupons of two dollars each.

It was provided in said decree that debentures of such form should be delivered to certain of the creditors, mentioned, of said company, and that said warrants should be receivable for one-half of the amount that at any time might be due from the holder of said warrant for tickets or freight payable to said company, or the purchaser or purchasers of the property, rights and franchises of said company, at the sale thereof under said foreclosure, or assignee, or assignees, vendee, or grantee of said purchaser, or purchasers, or any company that might be organized to succeed said Indianapolis and Evansville Railway Company, or to the receiver or to any other person or corporation that should at any time become the owner, or lessee, of said company, or hold title to any property thereof, in any form whatever; that said warrants should be so receivable for twenty years from and after said sale; and that the property of said company should be sold subject to said debentures.

On the 16th of June, 1884, a railroad corporation was organized under the general laws of this State by David J. Mackey and others, in the corporate name and style of the Evansville and Indianapolis Railroad Company, which was formed in contemplation of the sale of said property of the Indianapolis and Evansville Railway Company. On the 26th of June, 1884, the sheriff of Vanderburgh county executed to said new company a deed for said property, described therein as in said decree, which deed was immediately recorded in the office of the recorder of Pike county. [101]*101It contained the following:

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Cite This Page — Counsel Stack

Bluebook (online)
29 N.E. 419, 3 Ind. App. 96, 1891 Ind. App. LEXIS 236, Counsel Stack Legal Research, https://law.counselstack.com/opinion/evansville-indianapolis-railroad-v-frank-indctapp-1891.