But the sole question here whether Roberts entitled a prior lien upon the proceeds the foreclosure sale, wit, upon the railroad. It conceded both parties that her riglits in the premises must determined the strict terms the order or draft. This document was an acknowledgment the sum money received from her push the working the road, and an agreement that the demand should payable out the proceeds the sale the first bonds sold this company.
It did not itself create a lien upon the property of the corporation. It did not constitute help me write a report an agreement the company to set apart any specifie earnings or property in the hands a third person meet the interest or principal due upon Roberts ciaim. And herein differs from the principles announced in Ketchum St. Louis, and other cases cited appellant. It was a mere personal promise the part the railroad company that would pay the claim in a certain way out a fund which never came into existence.
The attachment suit was not brought until after the lien the mortgage essay help chat room attached. The demand Roberts a meritorious one, but subordinate the lien secured the mortgage.
that a liquidàted claim against a railroad company, not convertcd into judgmcnt, which another railroad company, pur chasing its road and property, agrees with the selling company assume and pay as part the consideration, does not thereby become a lien upon the property, as take priority over the Hen a mortgage made the purchasing company secure an issue bonds. Mr.
Justice Field, in deHvering the opinion the court, among other The property a rallroad company not held under any suoh trust to apply the payment its debts as restrict its use for any other lawful urpose, matters not how meritorious the demand the creditor may He must obtain a lien upon the property the comiiany, or seeurity in some other form, or will have talie his chances wIth ail other creditors obtain payment in the ordinary course legal procecdings for the collection of lebts. There no the help essays evidence in the record before that the parties who took the bonds issued the St.
Louis, Hannibal Keokuk Railroad Company had any notice, actual or constructive, the demand the complainant. But, if they had, would not have afCected their rights. That demand was not then reduced judgment, and created no lien upon the property the company, nor any restriction upon the company s right use It for any lawful purpose.
The bonds were given ralse the necessary funds complete the road the company, and the mortgage was executed secure their payment. They were negotiable instruments, and in the hands the purchasers help writing college essay cannot impeached for any neglect the company issuing them pay the demands other creditors.
We are unable percelve any ground upon which their priority over the claim the appellant can in any way impaired. We do not question the generai doctrine, invoked the appellant, that the property a railroad company a trust fund for the payment its debts, but not pereeive any place for its application here. That doctrine only means that the property must flrst appropriated the payment the debts the company before any portion phd proposal writing service uk can distributed the stockholders. It does not mean that the property affected the indebtedness the company that cannot sold, transferred, or mortgaged bona flde purchasers for a valuable consideration, help with my thesis statement except subject the liability being appropriated pay that indebtedness. Such a doctrine has no existence. business assignment writers In Cusliing Chapman, was claimed the complainant that under the averments his bill Newton Co.
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