The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1862-05-30
York g. Cumberland Railroad.
IMPORTANT DECISION.

In the Supreme Judicial Court Judge la.
Wis recently announced that he had received
the opinion Of the full Court, in the case
jeremiah NJ. Mason ct als. VS.. York Il Cum
bcrland Railroad. The opinion i'very long.
We give below an abstract prepared by Judge
Davis. This decision is said to settle oil
points in controversy respecting this road,
excepting the validity Of the. Herrick bonds"
The following are points decided in this
case:
/. That Myers. under his deed Of Feb. 6,
1851, held the legal title of the Y. & G..
Railroad Company to the franchise and prop
erty, in mortgage, for himself, to secure his
construction contract, and in trust for the
holders OF bonds issued to him in payment
upon said contract.
2. That he, like any other mortgagcc
who has transferred part Of the demands
secured by the mortgage, still held the mort
gage in trust for their security; but that he
was not "trustee,' within tho meaning Of
the Rev. Stat, oh. 81. sections 53and 81.
3. That the power to sell, being given to
any one OF an indefinite number OF unknown
bono. holders, is void for uncertainty; and
that the sale to Finch, made July 90, 1856,
was void.
4. That the mortgage title remained in
Myers, until he assigned II to Willis and 9th
ers by his deed Of January. !, 1857 and that
since that time they have held said mortgage
in trust. to secure the demands originally Sc
cured by it, with the right to take possession
of the property.
s. Robe and others. and their successors
Clapp, and others, by the deed Of tho Rail.
road Company. dated Nov. /, 1851, acquired
only right Of redemption from the prior
mortgage to Myers.
6. The deed OF the Railroad Company to
Willis and Others, dated Jan. /, 1857, was
subject to all prior membranes, and passed
no title, except in aid Of, and subservient to
them. An unincumpered title can be &c
quircd only by foreclosing tho mortgage as.
signed to them by Myers.
I. As trustees, it is their duty to fore
close the mortgage, dispose Of the property,
and appropriate the proceeds according to
the trust. Tho bond-holders may compel
them to do so by bill in equity.
8. A part of the bond-holders may main
tain such bill for themselves. and tho hold
ers of the other bonds, all of whom are to
"share alike" in the final distribution OF the
trust funds.
0. Carroll having purchased the bond
held by one of the original complainants, the
supplemental bill fled by him was properly
allowed.
10. Before Myers. or those claiming un.
der him, will be entitled to receive anything
due upon the contract, the bonds issued upon
said contract must be paid in full.
IL. Whether the Herrick bonds are Sc
cured by the Mortgage to Myers. can he de-.
termined only upon the report of master,
whose decision can DO revised on exceptions,
by the Court.
l2. A master will be appointed, to deter
lnno and report the number and amount OF
bonds issued under the construction contract,
and the amount due thereon, including un.
paid coupons; and also the amount due up
on the contract with Myers.
l3. And decree will be made, that Will
lis and Others, the assignccs of the mortgage,
forcclose the same and take possession Of the
property; and that when the mortgage is
loreclosed. they sell the property, and make
distribution of the proceeds, under the drec.
ton of the Court, according to the rights OF
the several classes Of creditors having claims
therein and that they render an account OF
their doings from time to time rs they shall
be required by the Court.