Van Frank v. St. Louis, Cape Girardeau & Ft. Smith Railroad

88 Mo. App. 508, 1901 Mo. App. LEXIS 85
Missouri Court of Appeals·Decided April 23, 1901·Published·Cited by 1 cases

Opinion

BLAND, P. J.

In a proceeding had in the circuit court of Cape Girardeau county, wherein Leo Doyle, trustee in certain five mortgages of the St. Louis, Cape Girardeau & Ft. Smith Railroad Company, was plaintiff and said Railroad Company and others were defendants — such proceedings were had that on January 7, 1899, a decree was rendered by that court foreclosing the mortgages and ordering, the sale of the railroad and all property described in the mortgages, for the payment of preferred claims against the railroad company and the bonds secured by the mortgages. By section 44 of the decree it was “ordered, adjudged and decreed that Robert G. Ranney be and he is hereby appointed commissioner to execute this decree and make the sale aforesaid and that he report to the court with all convenient speed his actions and doings in the premises. Said commissioner shall receive the sum of $500 in full for all his services in the premises.” On the second day of May, 1899, all the property of the railroad company was sold under the decree of foreclosure by Ranney the commissioner, for $425,000, to Albert S. Bard as trustee for the bondholders under the Mercantile Trust Company. Bard immediately conveyed all the property to the Southern Missouri and Arkansas Railroad Company, a Missouri corporation, founded by and in the interest of the Mercantile Trust [511] Company consolidated mortgage in pursuance of a scheme of reorganization. The sale made by Bard was duly approved by the circuit court at the May term, 1899. ' So much of the purchase money of the railroad as is needed for the discharge of obligations superior to the five mortgages, has been and is being furnished by the bondholders under the Mercantile Trust Company mortgage and whatever remains of such purchase money after discharging such obligations is to be credited on such mortgage bonds. After the approval of the sale and at the same term, to-wit: May term, 1899, the circuit court made the following order to-wit: “On motion it is ordered by the court that Robert G. Ranney, commissioner in' this cause, out of the funds in his hands arising from the sale of the property by him made, pay the costs of publication and the advertisement of sale as shown by his report, the costs of executing the deed to be by him made including the costs of revenue stamps thereto to be affixed, his own compensation heretofore allowed in the sum of five hundred dollars, the costs of the clerk and sheriff, to Jefferson W. Limbaugh, referee, the sum of five thousand dollars, heretofore allowed him in this cause, which shall be in full of all services by him rendered or to be rendered them, to F. E. Burroughs, special referee, twenty five dollars and next apply the balance of said sum to the payment of all labor and wage claims incurred by the receiver in said cause and now due and owing and the balance, if any remain, to the payment of voucher claims against the receiver for materials and supplies.” At the August term, 1899, of the Gape Girardeau Circuit Court, Ranney filed the following motion:

“Now comes Robert G. Ranney and moves the court to allow him additional compensation for his services’ as commissioner and for reason says that in addition to the selling of the property for which he was appointed, he has performed [512] additional and extra services in disbursing tbe funds in hands, and bas bad to go over and audit all claims paid by the purchasers of said road.
“R. G. Ranney, Commissioner.”

This motion was continued to tbe January term, 1900, of tbe court, when it was taken up, evidence was beard and tbe following order was made:

“On tbe sixth day of January, 1900, it being the sixth day of tbe regular January term, 1900, and during tbe sitting of said court said motion was taken up for bearing, and after bearing testimony of witnesses as to tbe additional and extra services rendered by Robert G. Ranney, as said commissioner, tbe court allowed said commissioner tbe sum of five hundred dollars for said extra services.”

To reverse this order tbe appeal was taken. Pending tbe appeal Leo Doyle died and the cause bas been revived in tbe name of Yan Erank, Doyle’s successor as trustee.

Section 40, on page 32 of tbe printed decree provides that “tbe purchaser or purchasers shall, as a part consideration of tbe purchase, take tbe property upon tbe express condition that be or they will pay off and satisfy any and all claims now pending and undetermined in this court, filed as interventions or otherwise in this suit,” etc. “And for the purpose of enforcing all tbe provisions of this decree jurisdiction of this cause is retained by this court with right to retake and resell and for tbe purpose of enforcing compliance of payment of demands, costs of expenses.”

Section 45, of tbe decree is as follows: “All questions not hereby disposed of, or determined, including tbe discharge of tbe receiver and tbe approving of bis accounts' are reserved for future adjudication, and tbe court hereby expressly reserves for further consideration and decree all other matters [513] pertaining to said cause not herein expressly adjudged and decreed.”

Section 31, of the decree, on pages 24, 25 and 26, orders the sale of the property of the railroad company, the appointment of a commissioner to carry out the sale, the place of sale, the manner of advertising the sale.

Sections 31, 32, 33, 34, 35 of the decree give specific directions as to manner, time and terms of the sale to be pursued by the commissioner.

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Van Frank v. St. Louis, Cape Girardeau & Ft. Smith Railroad, 88 Mo. App. 508, 1901 Mo. App. LEXIS 85 (Mo. Ct. App. 1901).

88 Mo. App. 508 (Van Frank v. St. Louis, Cape Girardeau & Ft. Smith Railroad) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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