Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1857-02-27
state of Vermont,
OHITTEN DEN UNITY,
In Cbancery.

In Cbancery.
John Smith, Trustees of the first mort
Lawrence Brainerd gage bonds of the Vermont
George NJ. Dexter, } Central Railroad Company,
and Enos Collins,
John L. Thayer,
Gardner Brewer
Charles +. Aywin,
complainants.
Aqaisa
The Vermont Central Railroad Company.
William ii. Gregerson, Trustees of the second
John Q. Pratt, mortgage bonds of the
George NJ. Dexter, )Nt. Central r. h. Co.
and James Hunnewell,
Samuel o. Mead,
Joseph W. Clark,
Mark Healey,
and
Ii. Hollis Hunnewell,
defendants.
Whereas the said compliments have filed in
this Court their bill Of complaint against the said
defendants, setting forth in substance, that the
said Vermont Central railroad company, was duly
enacted corporation by the Legislature of the
State of Vermont ut its October Session, A. ID.
1913, and said company was duly organized, and
has duly constructed it's road according to its
charter, and is doing business and located in Bur
iington in said county. That by the authority
and in pursuance of a vote of the stockholders IN
said company, the directors thereof on the 18th
day of October, A. d. 1851, in order to raise mo-
ney for the of said company, voted and re-
solved to convey, and thcreupon said company
on the 10th day of October, A. d. 1851, did con
rey by deed, the said railroad, franchise, and all
the property Of said company used in connection
herewith, TO wit, stations and houses, depots,
cars engines, and other things, and also all such
property as should be thereafter acquired by said
company, in mortgage to William Amory, and
Charles .. Whitmore of Boston, and John Smith,
Of st. Albans, trustees for that purpose to
the payment of the obligations of said company to
be issued under said mortgage to an amount not
exceeding two millions Of dollars, the principal
thereof payable in ten years from November LIST,
A. d. 1sjl,a and the interest thereon payable semi
annually at the rate of seven per cent per annum
That said mortgage was duly executed and de-
Ivered to said trustees and accepted by them, and
the whole amount Of said two millions of dollars
Of the said obligations of said company was issued
by said company in conformity with said mort
gage, and were purchased and are still held upon
the faith of the security of said mortgage.
That said mortgage conveyed all said property
TO said trustees, and their successors, for whose
appointment said mortgage provided, in fee for
the purposes herein stated, with the condition to
said deed annexed that if said company should
well and truly pay all said obligations so to be
issued as aforesaid. and the interest on the same
as ii should fall due then said deed of mortgage
should be void, otherwise in force.
That it was also provided in said mortgage, that
said company might remain in possession of, and
manage said road and property, so long as it
should punctually fulfil the stipulations of said
obligations.
That said mortgage provided, that upon the
non observance by said company for the space Of
ten days Of the conditions in said deed stipulated,
the said trustees and their successors might, if
they should fit, take possession of the whole
property in said deed conveyed, and manage the
same, and apply the net proceeds to the purposes
Of the said trust.
That said mortgage also, gave to said trustees a
power of sale of said road, franchise and property,
in case Of a breach by said company of the condi-
tion Of said deed, for the space Of six months if
two thirds in amount of the holders Of said obli-
cations should request it.
That said real estate so morgag ed, comprised
the land now occupied for the use of and in con-
necton with the running of said road, or now used
for depots stations, station houses engine houses,
wood houses, shops, freight houses, wood yards,
and other yards and places adjacent to-eaid road,
and convenient to the use thereof, and also all
lands described and included in the survey and
location of the line of said road, six rods more
wide, and in the awards of the commissioners for
adjusting land damages, and in deeds from
Charles Paine, and divers other persons to said
company, referring to the land records of the
towns through which said road passes, for further
description
That the rolling stock and personal property
mentioned and included in said mortgage and
now subject thereto, consists mainly of engines
cars, tools and machinery, wood, oil and numerous
other articles, being all such property as is now
On said road, or used in connection Herewith.
That after the execution Of said mOrtg gage, and
before the execution Of the second mortgage SC
called, and mentioned in said bill, the whole
amount of two millions of dollars of said notes OF
obligations Of said company, were sold and dis
posed oiby said company, and were purchased ano
have since been held upon the faith Of the securi
tyof said mortgage, and for a valuable consi
Iteration, by your orators and other persons, or
whose behalf they also complain.
That Smith, Brainerd and Dexter, are now the
cession as is provided by said first mortgage, and
are all holders of a large amount Of said notes Of
obligations.
That after the said execution Of said first mort.
gage, and the sale Of snid notes or obligations
nnder it, and on Or about the 10th day of May, A
D. 1852, the said Vermont Central railroad com.
pany, by deed of that date, conveyed in mortgage
30 II. Hollis Iunnewell, William ii. GregersOn
and Robert c. Hooper, and their successors in trus
the before mentioned property so already mort
gagged to the complainants and their predecessor
in said first trusttor the security OF the payment
the notes or obgatons,of said company, there after
10 be issued not exceeding in the whole the sun
ofone million five hundred thousand dollars, which
said notes or obligations last mentioned or somr
portion thereof,have been issued, and are now hel(
and claimed by said James Hunnewe, Mead
Clark, IIealey and II. Hollis Hunnewell and b.
divers other persons unknown to the complainants
That the ownership Of said notes obligations i
constantly changing and that said last name,
persons fully and fairly represent the interests il
the premises, Of said other owners.
That the title and interest of said Hunnewell
Hooper and Gregerson, in the premises as trustees
is now vested in said GregersOn, Pratt and Dexter
defendants, who claim under said second mort
gage, an interest in the estate and property afore
said, and said other defendants and holders of sal,
second class of notes or obligations, claim through
and under them like interest.
That at the time Of the execution of said secon,
mortgage and the issuing Of said second class o
notes or obligations aforesaid, the said Hume
well, Gregerson, and Hooper, well as the sal
other persons who took and received any Of sal,
second class Of notes or obligations, had full no
tice Of the said mortgage to said Amory, Whit
more, and Smith, now held by the com
plainants, trustees, and that under the same, an
on the security and faith thereof, the said tw
millions of dollars in amount of said first notes 0
obligations had been already issued and wer
then held for value by the said compainants an
said other holders thereof.
That said second mortgage was itself eXpress
made subject, and subordinate to the aforesa
rights and interests Of the cOmplanants and thei
predecessors, trustees, and said beneficial
said mortgage, in and to all go
X. ...es und
. aald estate and pr
.at the interest on said first notes and oblig
tOns so secured by said first mortgage, falling d
on the first day Of November, A, ID. 1854, and
accrung interest since that date, as the same !
came due sem-annually, has not been paid to