New-York daily tribune., 1844-10-08
Vice chnnc.ilor's Court.
Before Hon. WM. T. McCoUS. Vice Chancellor.
Decisions.


Decisions.
NORTH AMERICAN TRUST CoMPANY.-Lewis
Cur,is. Richard NJ Blachord and John Gnham trustees.
filed bull ie.non bonds and mortgage. held
sr III S SS T M s rnd c% m
subsequently,. consolidate the whole one
M Be sss eO ' re-
ntIon to The bonds and mortgages IN ,nt to be Le 10
convey title. and Orde! mHdc Ia TINT effect in Sl2.
Motion mnde 10 amend the BILL &c. Motion denied
costs.
David Leaveu receiver &c. rs Rich'J NJ. Blatci-
ford John H. Graham. Curtis aud othcrs-n relation
TO the bull and bill mhic! the motion nade
the hands It the under the million und the FIST hail
snee does not consider to se m M
general merits OF the controversy That be left TN nj er
the decision Of relation the appointment ci re-
touch somewhat the merits Of the case
riews expressed are not TO be considered hnai
light may be thrown upon the case hi will change
pect The oeee, otihe original b ot receiver and
out Of ch trusts have ari,en and cne Mr.
consisting Of bonds and mortgages OF individuals
the ASSOCIATION of the Trust and Banking Comp7ny
TO tho validity The FORTH only necessary
e refer to one or & Two As PM a" M
should be appointed spec receiver certain bonds and mott
cages The time the order OF 1872 mlde end they
have been him consequence stipulation
and order. do not why they should be separntedwhy
hands Of the special and rensner kept IN the
hand, of the s.ead OF b.iuc Kept ,csshc that
obi the Trustees tiut The oads the Company
law and invalid und validity cou be given TO the
asnuch they have grown out Of transactions which the bank
had rgh; to into My opinion after ooAIng into the
establishing the bank hnt the objection we'll founded
The company wos formed under he law OF 1888 Alter hav
Ing large amount of capital paid by Individuals the
OF bonds and mocnsts IN puymfn OF their shares IN the
tn. company commenced buying state stocks and
bought the exl.nt OF or mons ls3' The purchases
were made for the OF with the Comp
oer for its bot for the of spccula
on In ls0 they became embarrassed made arrangement
by which to send bonds 10 the house OF Palmer Mekeiop
Dent 10 London. secured by bonds and mortgages
question: which they placed IN tluSt IN the hand OF esss
Graham Curt & baichiod and which security the Lon
don house accepted their bills The Company uleady owing
TINT f7J0ug0 The Stockholders complain that The M
hce of The bank had 10 right TO make such trusts dis
poe ofter bonds and aud CONTEND that the whole
Transaction void II Is celtainY the ice Chanreilor
shld thai the officers OF Conpany should lie kept within the
of its charter. lnere Is no doubt but Palmer Mck,op
aud Dent Their money. uppong The security 10 be vad
but there reason NJ any rate shy The whole oil
Oi should be gwen t certain fuvate cred
tors The juy of The general cTedlt"rs asd F. VI D.
right ciuim ln other AMI previu bona ic
cred Whether Inc uGnd 10 them nad the trusts
queEce were not wholly Invalid be e
for deeS"n the ul neirn Of the case In the meantime
ord, be iude that the Trustees iran ie md deliver
over sir Palmer specin receiver. e whole of TIC bonds
lud and 0;ss securities III pOsSe,,lan, be
disposed by hun. and tie prcceeds retained to abide The
Order nccordl.-iy.
P,-rrr Van CorliGndt ard others rS Water Com
Application :or The appointment ola appra
er, &c. Granted