New-York daily tribune., 1844-05-01
Public stock EIchange, April 80.
Tho Nicksbnrg Bank.

In our paper of Saturday last animadvcfted
sonewha, on nm aicle concerning tho Vckburg Bank and
Railroad which recently appeared IN the Courier Enauer
We have since been provided with the following Abstract OF The
decision the Chancellor with reference 20 the assignment
nude By that Institution:
Certain persons S,Hes the date Of the assignment obtained
ladsment law against the President and Directors o Tie BR
aud levied executions upon the property 0 me Company III '
hands OF the thereby decarng the assignment an1
treating nuiy. The G'slgnoe exhibited their 9 to ile
CGcco; setting forth the assignment and stating hsi cy
fulfilling is trust. uGd duties and praying that le eNec'-
lgned 10 this bill the Judgment creditors demuet ad hi
Chanceors decision snpiy uphed inc hsSnci u ~ Sai ~,
y debts pli OF The assets o the Bank before iy
her dP99 xe :, ae e d "l e a wlayg eed eSse y the
md dec,ied y ,Ia Chancellor was that Inc assignment
rauduca on lis face that made for the benefit o.
creditors legal cn;en and could not be Sregarde!
and treated rs rlty BY creditor OF the Bank who had OBJ
tiined judgment, at law the assignment was made
The conduct Of the ussIgncc IN the inanaeenenent oi the
creditor, under the assignment 10 o,ce the agnecs speedy
adjustment and settlement OF the trust ipnds were mol before
One other pcia Of interest arose the discussion OF the
dy the assignment and decided by the Chanceof II
wus tlis That the hdHrodd 'iset coud hoi DE ieIfd
that merely ad rlta were capable OF anS'er That
the Road public franchise and an essential element to
the corporate existence OF the Company hnd could not be con
veyed away from It.
The President, directors and Company made two Decd, OF
assignment. I9r character design and substance were these
The assignments ecIie ,ha, the embarrassment OF TIE corpo
i9n were Spch ihat could no, complete e Rn5,a or M
rs debts The object and design ct the assignments are de-
clffed 10 be- Tire aymen OF all is debts Inc compe
ton o' The Railroad IN o:uei 70 sAN ~ ci!tef tiso
that the completion othe Road will facilitate the payment OF
the debts the ability OF tile tonpnn 10 III II end
by enabling them apply all lis proceeds and income Tor that
purpose The ofthe Company and proceeds 3fie oed
10 be implied 10 the payment ol the expenses o eXecnf
the trust the expenses Of the President, Directors
and Company IN the infringement OF the corporation ana ia tue
paymcnt ofe debts cfte Bunk The gsiignees ore alheriz
borrow two hundred ami fifty thousand ne
Road and this i 10 be nFst paid out OF the nd assigned
They authorized 10 take possession ad control OF the n
ruhd complete and npp the profits 10 the payment ol IS
debts mud exhibit periodical account TO the DIRECTORY They
with the debtors To the BanS
They required 10 twelve month, 10 the creditors 10
under the assignment before dividend declared
They forbid 20 receive claim against the corporation
until the Directors have pronounced Just but rejected
creditor may have his clam settled 10y arbtraton IN
the management of the Road the nssnees are declared 10 be
the join agents The Bank and OF the creditors. Tho Direct
ors fill vacancy the number OF nsnces c Cpfl
o, ,Chnncey ltle Directors neglect It. II IS declared that the
Rank shall have 10 power cHutru modify or revoke The
trusts declared The assignment al the profits o the Railroad
i,w Emit us .