New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-07-06
the facts were otherwise; but this is the so0er

TUr Court OF APPEALS closed It's term ~
late hour on Friday evening. The most impor!an.
case decided by it, after that OF Mayor Wooa
against the New Police set, was that OF the NORM
American Trust Company, involving about one
Milsn and Half Of Dollars. The import of the
ruling in these cases (sdys The Aads) Is tna' inc
claims of foreign creditors are established, WIN
sObt notifications, and the million trust, also the
first balmillon trust, which secured these foreign
creditors, are declared valid The following reso-
lutiops were adopted by the Court:
The million and half.mllion trusts sanctioned in
the pleadings and proofs not VOID under the oe
action of the statute to prevent the insolvency Vi
moneyed corporations" q X ) oyi.l ~. ....;,,
2 The said trusts not void under the Sun seco
of ad statute il being the opinion OF the COuil at
they were not made with intent to give preference
10 particular creditors over other creditors.
8 The trusts are not void under the statute Y n.
S. 1885, Sec 4 on the ground that they were MADE TOT
the of the North American iIust ana panA III,
Company, il being the opinion OF the Court that Tue
statute applies only to conveyances &c, primarily io
the use Of the granor and not to instruments Tor otner
and active purposes, where the RESERVATIONS W THO
granior are incidental and partial
4. The said trusts not made with intent 70 nu
der delay deaud creditors and therefore they are
not void on that ground.
5. The North American Trust and Banking Compa.
day of June lS40 banking associations could lawfully
s,ue time paper to secure debt for moneys loaned,
with or without the corporate sen-p:ovlded such
naptr was Lot intended calculated to circulate as
money; and the tIut bonds In the t"o usts were no'
of description falling within this proviso.
g. Prior to said Sd Of June, 1910, the SAID trust
boz DIS were issued and pledged to Palmer, Mckllop
Dent Co. in London, to secure their debt ana future
advances with power to sell the same aecoIai'g ~
the original design of the trust. Such pledge was
valid, and it entities the Pamers and 1thens, sun
holding 377 of the million and $50 OF the haltmiioh
bends under The same TO the benefit OF the TWO Trusts
along with other bondholder.
T. The said bonds when so issued and pledged, anu
when portions Of the same were sold, were Englsn
contracts and the loans advances procured on the
sale of 400 Of them belonging to the million trust were
not usuriOus by the then existing law OF England,
beirg exempted from the usury laws OF .nat country
&. Even if said loans upon the 4s9 bonds were
usurious the appellant, Receiver, representing az
he does the CORPORATION s prohibited by the statute
of ths State, passed in lo2o chap ~ ,roni s'''"s
o. The holders of the said 1873 bonds are therefore
entitled to share in the benefit of the million trust
10. The loan nominay Of $3.50 600 procured from
the Philadelphia Banks was Penn:yvsma coI.rac',
and although may have been usurious nevertheless
by the law Of that State the contract was inoperave
only for the excess of interest over SIX per cent the
lawful interest .r
Ranks was valid although the twelve certificates OF
deposit, amounting to s25GOOO issued by SAID Com
papy were prohibited by the statute of May IA, lS4O
which took effect June g. 1910, it being the opinion OF
the Court that the intention and legal effect OF the
pledge were to secure the payment OF the money
loaned and il being also the opinion OF the court na
the alleged voidness Of the certificates OF deposit 10
sued for the repayment OF such loan does not ahec'
anything else in the contract. ~
II. The assgnees Of the said Philadelphia Banks
have therefore right to share in the benefit OF the
hafpjllion trust as holders OF the said 270 bonds.
r. The Messrs Hulfords e. Co. have night to
share in the million rust as PLEDGES and holders Of "a
of the bonds in that trust
IA. The gene raj account of Palmer, McKillop, Dent
A. Co against the North American Trust and Banking
take up The Davis Bills, called constitutes legal
and valid debt, to be reduced however by computing
interest at per cent only instead Of per cent, ana
by striking out the commissions the sae OF so many
the million bonds as tssy @ AIT
orden,burlh Clayton and Rome Rarosd Steel sst same
F Fs cheney ben s1 Arnold Hogan 49,
Wolf CARL Hart dls ss' Van ss11 RS. M as1
m. sSi HOppcci; Ransom sst Ths New York and Ere
sahOsd COMPANY BHc. y. s. John ciy Of Buffalo q,
AZ. Gn sasi The EsySI t Williams
ST. S,f' WITH. hs' Il. feas ID k:p ss Graf Howell
ss City of Buffalo; Myg.,t sgt Gshburn; vetnam ss,,
Judgment rerad and ner dl orderea s Coz" 20 a0'ae
erent.-willsms sgt. Brown; HsveDs sg: Sactes
and judgment rendeedon the case for dp
poioEt.-eosts Of both parties be paid cat Of the fund
D..psrd AIT WslbIidge. $3.50,
Judgment rsrerd and trial ovdeyedPeOple sg McMa.
hon.
Rea,gument ordered Wood sgt Dewey; McKynins sgt
Bull; White sgt. Hai2ht.
Judgment rerer,sd cout oss and judgment rendered Jor
piantg 9th iears g defendant to aH'~ D'a''u Pas"e"'@
and Sec trial ordered abide
Robinson Wiley Coivin Baker; Fort Edward sId
Fort Miller krosd Company sgt Paine Story sg Cogan
Mel Ibera az
Loeb Thomas Hubbe Durs sgt Fsrt Stevens ast
Merlin ali: Hibbard sg New York and Erie Railroad Company;
Garfield sg Hatmaker Hsey ag Linsebursh Moseley ast
Moseley
tc and judgment rendered for plain.
TIFF on demnrey uih payment
Of oo,ss-Prnde agt. Coruthers; Rider agt. Pond.
Judsment Of General Iom ,try'ea and q Spse LEN a.