Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-05-04

VI SUM-
A. s. CoLYAR,
F. NJ. SMITH,
For the McMinnville and Manchester
Railroad Company.
State of Tennessee against the Edgsheld and Ken.
lucky Railroad Company ct ais.
Be it remembered that this cause came
| on to be heard on this, the 18th day of
March, 1871, touching the McMinnville
and Manchester Railroad, before the Hon.
| E. H. East, Chancellor, upon the bill of
! complainant and the agreed case heretofore
| entered into, between Messrs. E. 81. EW-
ing, w. F. Cooper and w. B. Reese, So
licitors upon the part of the State, and
Messrs. A. s. Colysr and F. NJ. Smith,
solicitors for the Railroad Company,
President and Directors, and portion of
the Stockholders, and upon orders
pro coTfesSO IS to all other parties who
have not entered their appearance, and
upon the further agreement of the solicit
tors for the complainant and defendants,
as appears in the latter part of this de-
cree; when it appeared to the court from
compainant's bill that the McMinnville
and Manchester Railroad Company re;
ceived, according to the provisions of the
act of the General Assembly of the State
of Tennessee, passed in 1852, chapter
| ISL, coupon bonds of the State amounting
to 1872, 900, portion of which was Sc
cured by the act, 18th of January, 1866,
and 25th of May, 1866; and that said
Company is indebted to the complainant
| % tbo amount Of cold honda ,,;+I, Ebo;-
accrued interest to Jan. l, 1871, amount
ing to 1927, 578, for the payment of
which the complainant has q lien upon
the road, with its franchises.
1t further appeared to the court that
said railroad company is insolVent and
unsble to pay the amount of said bonds,
| or the interest upon the same.
The defendants solicitors insist that, as
a matter of law, the complainant can not
force the sale of the road for the pay
ment of the bonds or the accrued interest,
until the maturity of the bonds. But it
is agreed by the solicitors for the COM
plainant and defendants, that it is to the
interest both of complainant and defend
| ants, that the road should be sold, and
the following agreement is hereby entered
into between the solicitors aforesaid,
| to-wit:
1t is agreed that the Clerk and Master
shall hear proof and report to the present
term of this court, what is fair and
reasonable minimum value Of the pro
perty and franchises of the McMinnVille
and Manchester railroad in bonds of the
State; said minimum, however, in no
event to be fixed at less sum than $500,
900 IN bonds of the State.
1t Is therefore agreed that the McMlnn-
vile and Manchester Railroad Company
shall have exclusive right, within sixty
days to purchase said road, at said mini
mum; and in case of failure on the part
of the company to complete their pur-
chase within said time, by complying with
the 7th section of the Act of December
81, 1870, then any number of the stock
holders of said company shall have thirty
days within which to complete the pur-
chase of said road at said minimum.
Upon the failure of the company or
any number of the stockholders to pur-
chase the said road within the ninety
days as aforesaid, then it is agreed that
the Commissioners may sell the same to
the highest bidder, as contemplated by
the act of December 81, 1870; but upon
the following conditions and restrictions,
that is to say: The purchasers of said
road shall be compelled to run the same
substantially as now run; and, it is meant
by that, that said purchaser shall run the
road with steam engines and a sufficient
number of passenger cars and freight
cars to carry the travel and freight upon
said road, as now done, making at least
one trip each way daily, and in no event
shall the purchaser hgFe the right to re-
move the iron and rolling stock of said
road, and stop the running of the same;
it being intended to secure and perpetuste
the running of the road for the benefit of
the country through which the road runs.
And it is agreed that said conditions and
restrictions shall equally apply to any
purchaser; and that the railroad company,
or any stockholder shall have the right to
bring suit to enforce the running of said
road.
1t is agreed, that the sale shall not pre-
iudice the right of the railroad Company
to prosecute and receive the benefits of
any suit they have already commenced, or
NAV hereafter commence against any
person or persons, or corporations, for
debts, damages, demands, or chooses in
action. that are now due said Company,
including their right to prosecute any re-
ceiver appointed by the State, for any de-
mands against him for mis-appropriation
! of the proceeds, or any liability OF his to