Van Benthuysen v. New England & Western Railroad

17 N.Y.S. 709, 45 N.Y. St. Rep. 16, 63 Hun 627, 1892 N.Y. Misc. LEXIS 469

• Court: New York Supreme Court
• Decided: February 8, 1892
• Status: Published

Opinion

Barnard, P. J.

The plaintiff had the right to bring the action in case of a refusal by the trustees. The tender was not sufficient to arrest the action, unless it was a tender of all the interest upon the bonds which had nob agreed to postpone their claim to interest. Assuming a default, and the plaintiff’s right to sue, it is not material whether the affairs of the defendant are properly managed. The bondholders are entitled to take possession by a receiver and manage the property. The present management has no right in such a case, even it honest and capable. The order refusing a receiver should be reversed, with costs and disbursements, and the receiver appointed.