 | United States. Supreme Court - Law reports, digests, etc - 1879 - 856 pages
...the gross earnings what is required for necessary operating and managing expenses, proper equipment, and useful improvements. Every railroad mortgagee...something is taken from what may not improperly be called the current debt fund, and put into that which belongs to the mortgage creditors, it certainly... | |
 | Law - 1879 - 552 pages
...proper equipment and useful improvements. Every railroad mortgagee in accepting his security implledly agrees that the current debts made in the ordinary...something is taken from what may not improperly be called the current debt fund, and put into that which belongs to the mortgage creditors, it certainly... | |
 | United States. Circuit Court (4th Circuit), Robert William Hughes - Admiralty - 1880 - 750 pages
...parties, from their strict legal rights, iu order to secure advantages that could not otherwise he obtained, and which it is supposed will operate for...that the current debts made in the ordinary course of busine>s shall be paid from the current receipts before he has any claim upon the income. If for the... | |
 | Law reports, digests, etc - 1896 - 2118 pages
...the gross earnings what is required for necessary operating and managing expenses, proper equipment, and useful Improvements. Every railroad mortgagee,...receipts, before he has any claim upon the income." This, however, affords no warrant for the contention that all the liabilities incurred by the railroad... | |
 | Law - 1880 - 920 pages
...reasonable under the circumstances. Railroad mortgagees, in accepting their security, impliedly agree that the current debts, made in the ordinary course...shall be paid from the current receipts, before he has anv claim upon the income. — Fosdick et al. v. Schall, US Sup. Ct., Wash. L. Rep , June 30, p. 255.... | |
 | Virginia. Supreme Court of Appeals - Law reports, digests, etc - 1881 - 988 pages
...without supplies and labor the business of the road cannot be carried on, and the mortgage creditor in accepting his security impliedly agrees that the...debts made in the ordinary course of business shall be first paid from the current receipts. If any reasonable doubt could be entertained of the extent and... | |
 | Lawrence Lewis, Adelbert Hamilton, John Houston Merrill, William Mark McKinney, James Manford Kerr, John Crawford Thomson - Railroad law - 1882 - 722 pages
...the court may be affected. Wallace v. Loomis, 7 Otto, 163; Jones on Railroad Securities, sec. 539. Every railroad mortgagee, in accepting his security,...receipts before he has any claim upon the income. Fosdick v. Schall, 9 Otto, 235. Mr. WHEELER H. PECKHAM, for the appellees, the Bank of New York, National... | |
 | United States. Supreme Court - Law reports, digests, etc - 1884 - 888 pages
...the gross earnings what is required for necessary operating and managing expenses, proper equipment, and useful improvements. Every railroad mortgagee...from the current receipts before he has any claim on the income." Such being the case, when a court of chancery, in enforcing the rights of mortgage... | |
 | Lawrence Lewis, Adelbert Hamilton, John Houston Merrill, William Mark McKinney, James Manford Kerr, John Crawford Thomson - Railroad law - 1885 - 730 pages
...the gross earnings, what is required for necessary operating and managing expenses, proper equipment, and useful improvements. Every railroad mortgagee...from the current receipts before he has any claim on the income." Such being the case, when a court of chancery, in enforcing the rights of mortgage... | |
| |
The income out of which the mortgagee is to be paid is the net income obtained by deducting from the gross earnings what is required for necessary operating and managing expenses, proper equipment, and useful improvements. Every railroad mortgagee in... 
