The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-11-28
The Greenyille and Columbia Railroad.

The following is the decree of Judge Bryan,
in the case of Chafles Madsen and others, pc
titioners for the involuntary bankruptcy of the
Greenville and Columbia Railroad Company,
which was argued in the United States Court
last summer: -
United States of AaaerSca, Eastern District ot
Soum GroHnnj Ia Re. The GreenviNe aid
Columbia, ES Parte Daniel E. Scanned, Eg
Parte Charles Madscn-lP Petition for InuoI's''-
tary Bankruptcy. y, f,l.fY 80,
1t will be seen that, the issues made BY the
pleadings in this case are as follows: 49,,
First. Whether this. Court has Jurisdiction,
the State of South Carolina having instituted
proceedings as guarantor upon the bonds OF
the respondent, and in the State Court, under
which all the property of the Company has
been taken possession of? II
Second. Whether the !Greenyillei and Column:
bia Railroad Company is corporation, subject
Third. Whether the interest coupons, severed
from the bonds. are commercial paper, and the
non-payment thereof for fourteen days is an act
of bankruptcy?
/ Fourthly., Whether the Greenxiller and Co
1umbia Railroad Company WAS bankrupt and
insolvent at the time it suffered Judgment TO be
taken against it by default3
Filthy. Whether being bankrupt and insol-
vent the respondent suffered Judgment to be
taken against it, with intent thereby to- give "a
preference to those creditors or to defeat or de-
lay the operation of the Bankrupt Act2:y ItS
Sixthly. Whether the respondentlhas suffered
its property to be taken on legal process, With
interest thereby to defeat and delay the opera
tions of the Bankrupt Act, In the case Of the
State er relatione the Attorney General, against
the Greenville and Columbia Railroad Com
Asto the first question, I hold that whatever
the interest or lien the State may have inl or
upon the property of the tGreenville> and Co
lnmbia Railroad Company, if said Company be
bankfupt, the Jurisdiction of the Bankrupt
Court is not ousted because the State is cFsa;
itor. - ..,.,i,yY,.., ...Ij s.,r.,as1
i AS to the second question, j, hold that, The
Greenyille and. Columbia Railroad, under the
Act and decisions upon the Act, is o ic6rpora-
tion subject to the provisions of the Bankrupt
Act. T.Ttc c'VgIGIHD
i AS to the third question, I hold that the in
terest coupons, severed from the bonds, afe
commercial paper, and if the Greenville Rail-
road were "a banker; broker, merchant trader,
manufacturer or miner !. the non;p payment, OF
its coupons, for fourteen days, would be an act
of bankruptcy, but as it does not, lin my opin-
ion,) fall within. any 0ne of these classes, the
penalty for such stoppage does not attach. ~.
!, As to the fourth question, tacting instead 81
a jury,) I haye not been. able to find the insol,
vency Of the Company, Or decide that it is in
solvent. i.
Asto' the fifth and sixth questions, not hayl
ing found the Greenyille and Columbia Rail.
road ihsolvent, it is not necessary that ahohld l
decide them. .,.,,..s
i have simply stated my conclusions upon
theIissues presented, without arguing them, and
without reference tothe authority upon which
they rest for support. Time, has not permitted
more. -. A., '' '...,,.
Let the decree be entered accordingly. - ~ -,
~. GEO. S. BRYAN, d. =
United States Judge of South Carolina.
November IL, 1872.