Morton Trust Co. v. Metropolitan St. Ry. Co.

U.S. Circuit Court for the District of Southern New York

Morton Trust Co. v. Metropolitan St. Ry. Co.

168 F. 941, 1909 U.S. App. LEXIS 5423

CourtU.S. Circuit Court for the District of Southern New York

DecidedMarch 22, 1909

StatusPublished

This text of 168 F. 941 (Morton Trust Co. v. Metropolitan St. Ry. Co.) is published on Counsel Stack Legal Research, covering U.S. Circuit Court for the District of Southern New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Morton Trust Co. v. Metropolitan St. Ry. Co., 168 F. 941, 1909 U.S. App. LEXIS 5423 (circtsdny 1909).

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Opinion

LACOMBE, Circuit Judge.

The relief prayed for is directed to protecting petitioner against liability on $200,000 of its extended 6 per cent, mortgage bonds and $150,000 of its debenture bonds. These bonds are held by the trustee as part of the security under the mortgage now being foreclosed in this suit, and in orderly course would be covered by the decree and offered for sale. But all of these bonds are past due, and upon sale the purchaser would obtain no better title than the mortgagee now has. Intervention, therefore, seems unnecessary. It would give no greater protection ■ to the petitioner. All defenses it may have against claims for payment of these bonds are available against whomsoever may acquire them, and it is unnecessary to try any such questions in this suit.

The petition is denied.

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LACOMBE, Circuit Judge.

The relief prayed for is directed to protecting petitioner against liability on $200,000 of its extended 6 per cent, mortgage bonds and $150,000 of its debenture bonds. These bonds are held by the trustee as part of the security under the mortgage now being foreclosed in this suit, and in orderly course would be covered by the decree and offered for sale. But all of these bonds are past due, and upon sale the purchaser would obtain no better title than the mortgagee now has. Intervention, therefore, seems unnecessary. It would give no greater protection ■ to the petitioner. All defenses it may have against claims for payment of these bonds are available against whomsoever may acquire them, and it is unnecessary to try any such questions in this suit.

The petition is denied.

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Bluebook (online)

168 F. 941, 1909 U.S. App. LEXIS 5423, Counsel Stack Legal Research, https://law.counselstack.com/opinion/morton-trust-co-v-metropolitan-st-ry-co-circtsdny-1909.