 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...  The Central Law Journal - Page 1221885Full view - About this book
 | United States. Supreme Court - Law reports, digests, etc - 1879 - 856 pages
...equity they belong, and used to pay the mortgage debt. The income out of which the mortgagee is to be paid is the net income obtained by deducting from...shall be paid from the current receipts before he has any claim upon the income. If for the convenience of the moment something is taken from what may... | |
 | Law - 1879 - 552 pages
...equity they belong and used to pay the mortgage debt. The income out of which the mortgagee is to be paid is the net income obtained by deducting from...Every railroad mortgagee in accepting his security implledly agrees that the current debts made in the ordinary course of business shall be paid from... | |
 | Law reports, digests, etc - 1896 - 2118 pages
...since declared by the same court, that — "The income out of which the mortgage is to be paid is tho net income obtained by deducting from the gross earnings...shall be paid from the current receipts, before he has any claim upon the income." This, however, affords no warrant for the contention that all the liabilities... | |
 | Law reports, digests, etc - 1901 - 2042 pages
...equity they belong, and used to pay the mortgage debt. The income out of which the mortgagee is to be paid Is the net income obtained by deducting from...expenses, proper equipment, and useful improvements." But it is an interesting fact that these remarks, upon which so many arguments are based for the preference... | |
 | United States. Circuit Court (4th Circuit), Robert William Hughes - Admiralty - 1880 - 750 pages
...equity they belong, and used to pay the mortgaged debt. The income out of which the mortgage is to be paid is the net income obtained by deducting from...necessary operating and managing expenses, proper equipments, and useful improvements. Every railroad mortgagee in accepting his security impliedly agrees... | |
 | United States. Circuit Court (4th Circuit) - Admiralty - 1880 - 742 pages
...equity they belong, and used to pay the mortgaged debt. The income out of which the mortgage is to be paid is the net income obtained by deducting from...necessary operating and managing expenses, proper equipments, and useful improvements. Every railroad mortgagee in accepting his security impliedly agrees... | |
 | 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.... | |
 | 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,...shall be paid from the current receipts before he has any claim upon the income. Fosdick v. Schall, 9 Otto, 235. Mr. WHEELER H. PECKHAM, for the appellees,... | |
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