The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-06
Court Of Appears.
DECIsIONS-THB NORTH AMERICAN TRUST AND BANK
ING COMPANY CASES.


ING COMPANY CASES.
From the Albany Arguf July T..
This Court closed It's term and adjourned at late ho
last evening We especially Indebted TO the reporter
Of the Court for ability to present lst Of the Gases
decided by the Court and aoa copy Of the proposition
adopted by the Court In the decon Of the great North
American Trust Banking Comoany cases The import
Of the ruling In theee u.s. that the claims Of foreign
creditors established With slight notifications and Ne
million trust, also the drst bali million trust, which
cured those reign creditors declared valid The f6l-
lowing resolutions we're adopted oy the Court
Tho million and half million trusts sanctioned In Tie
pleadpgs and oofs not void under the sth secon
Of the sa,ue o prevent the insolvency Of moneyed
The said trusts are not void under the OH seotso. n
said statute being the opinion Of the court thss hey
were NOT made with intent 10 give preference 70 pos
The trusts not vold under the statue r. 49,
M on the ground that they made for the OF the
North American rrust and Banking Company, being Tie
opinion Of the Court that the applies only 10 co..
ances 30 primarily for the OF the grantor, and
NOT TO instruments for other and active purposes whore
=. The tad trusts were not made with intent 10 hnde9,
delay or defraud creditors, and therefore they are nd
g. The North American Trust and Banking Company hAA
power TO borrow money and prior TO the Sd day Of june
$780, banking associations could lawfully issue time pape4
70 secure debt for moneys loaned with or without ne
corporate SEAL provided such paper inteuded v
calculated 70 circulate as money and tue trust bonds
the two trusts were NOT OF description falling within his
proviso.
Prior to raid Cd of June 1870, the said trust bo.ds
were issued and pledged 10 Palmer McKlop, Dent o.,
In London TO their debt and future advances NJ
power TO cell the same according TO the original design q
the trust such pledge was valid, and entities the Pai
half million bonds, under the same 10 the benefit Of NE
swo trusts along with other bondholders.
T. The said bonds, when so Issued and pledged, and
when portions OF the sold, English CO.
uacs and the loans advances procured a
400 OF them belonging 10 the million trust usuoss
by the theu existing Law OF England, being exempted
from the usuy laws OF that country By statute OF ID and
81 vi-tors, chap. 81.
s. Even IL said loans upon the 400 bonds were usurio
the appellant receiver, representing he docs
poraron prohibited by the statute OF tas State pssse<
IN 1850 chap lI2, from settling up the usury In thess
Tho holders the said 400 bonds are therefore g.
titled TO share In the benefit Of tho million trust
10. The loan nomDay OF $3.50, 900 procured from The
Philadelphia banks Pennsylvania cont act, and a.
though may have been Injurious, nevertheless, by ths
s~ Of that state the conrac. imperative ony for he
OF interest cent, the lawful interest
IL. The pledge Of the 40 half million bonds sd
banks valid, although the Twelve cerdoaes OF depcs
amounting N $3.50 oo0 ssued by said company pro-
hibcd by the statute OF May H. $780, which took eHeos
June 3. lst0 beius the opinion Of the Court h, the
enon and legal effect Of the pledge 10 the
paymen, Of the aney loaned being also opnsos
Of the Court thai the alleged vodness OF the certificates a.
depos Issued for the re payment Of such osn does moi
Affect anything else In the contrast
II Tho assienecs OF SAIL Philadelphia bants have
therefore right to share In the be neni Of tho La mos
trust, as holders OF the said 30 bonds.
10 The Ne~rs Holbords % have q right 10 share In
the mil ion rus, PLEDGES and holders Of "a Of the b,nds
4. The general account Of Palmer McKillop Dent o.
against the North American Trust and Banking C,mpaay
Including the advances made by them 10 up the DAVIS
bls 30 called constitutes legal and valid debt, 70 b
reduced however, by c,mpuug interest ai Eve per cen
only INSTEAD Of seven pr cent, And By striking out the
on the sale Of so many Of the million bonds
a. they themselves purchased.
DECISIONS.
Judgment Affirmed ,csn Coas--Farchild W Ogdensburs
Clay Tor and Rome V, Steel W. same, Reeves Hum
phreys, Holmes Brown Reeves foe Cheney W. Az
mold Hogan Law, VOORHEES, Wolf, Carl Har, ca
iSs. Ruese. vs. furre Herring W. aopcocs. Ransom ~
rheN Ser Co. Moripg vs. Whilehouse, The Fire D.
partment, Y, vs. Wright Motion The Yves, %,
Bruce s. John, City Of Bui,lo Conteauix, Williams
vs. cassidy, Tbomp,cn Eighth Avenue Bank People VI
Lott Briggs Briggs, Bsr,le Gilmore, The Mayor 10
gs. cnps vs. syf' ws gs rSops x sss
Grail Howell va Oy Of Bun.ls, Mygau W. washburs,
yernam W. smith Irsch We. Bay, American rransporA-
Judgment rsrrsd AND nac trial orsrei, ,vsn osss %
abide srrni-wiisms vs.. Brorp, Ravens W. sacset
1em,w rereTsef and yudgnew rendered on pe ca~ ~
appelant-oc u tth parties 20 D, paid os Of ne JwS-
Despard Va wsbridge
yndgmew reverted and noo trial ordroi-rcop,e W
Mcuabop.
Re.orpnmea cri,rsd-wood w. Dewy, McKynIns ~
Bull, White Va. Haight
Judgment raersed without cost, and jufo~>nt re,d~sS
for p,o,ntf, ,cin kars dsndar a,uwv wsdo'a y~y
~od II cots-Dismond vs. Bridges. -.,..
Jpdgmrt reversed AMI trial ordered, coa 49,
and Fort Miller Plank Road Company vs. Paine, sory w
Collgan, kcCumber Granite Insurance oor r.
wn rs Bs 70 omss VI v, New orf ssA
Eric Railroad Company, Garfield vs. Hatmaer, Hasey ".
lIseSnss Mosclsy rs mo Msse ssa jud>a re~aed -
p,o,ntf IN demurrer vita eare % dslerdam 70 ars'og "
rS., ~ csr>yai Tsrm reversed and g Special nvm
aeynsd ,,,hs,a eoss Of s dpp,dt-kparcx vs. Johnson
rr,r Ar BrLLrvnrs. N. J-DssrnucrIor Q.
TN. x,,s-Jnp $50 900 "A hro broke out NJ about
, n ~ O'Clock last night In the mills OF the Belle.
NV Wb,ts lead Company, In the loser part OF tnS
VIE samuel Adams tavern, entirely destroying The
ding which was 80 feet square, two stories
nss. with basement together with the building 80 oy
oh The hIlns are situated, and shed 100 feet
,~ns containing q largo quantity Of vinegar Nothsg
sbatever vas saved, not the books and papers
,ha ncsrp and was with great difficulty that the dry
sheds on the east side and Gem hoores dwelling house on
Inc uorb side we're kept from destruction. The mills had