The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-12-09


and treasurer the books, seal and papers of this
company and whatever money belonging to
this company may be In his hands or under his
control, except such amount as may be neces-
sary, II any, to complete the payment OF the
first mortgage bonds OF the company, with all
proper costs, charges and interest. Demand
was accordingly made and refused.
list. 1t IS to be noticed that there Is no aver
ment that the books, seal and papers are In any
Jeopardy in their present custody, or that they
are likely to be converted TO any sinister or UNI
lawful use. 1t Is not shown that there Is any
eXigency for changing the custody, 50 far as
their safety Is concerned. receiver Is an OIL
Ger OF the court. lie could not use them, only
as directed by the court; and II Is not proposed
or contemplated that the court shall use them
rs u substitute for the clerk, treasurer or board
of directors, or should direct their use by way
OF administering the functions OF the corpora
ton. This bill does not ask, or contemplate,
! that the Court OF Chanccry shall administer the
! aflairs of the company, or run the railroad, but
only that IT shall declare the acts OF some Of its
officers nugatoryand their continuance in Office
unlawful, and that another set of administering
and directing officers are solely entitled TO act
as and for the corporation, and that proper pro-
Ceedings be had for closing up the old regime
solved into mere matter OF custody. So far as
mere custody is concerned no occasion Is shown
FOR the appointment Of Receiver, in the ordin-
AIRY meaning and purpose Of such an appoint
ment In case It should be shown that the ar.
tlces named were unsafe In present keeping, or
that parties entitled to access 20 them for leglt-
Innate purposes were denied such access, it
would be but an ordinary exercise OF an incl
dental power OF the court to make proper order
as to custody and access, on application at any
time In the progress Of the litigation. Nothing
Is ut present shown giving occasion even Tor the
exercise Of that power by the court,
I'd. AS 1t Is not alleged or shown that Mr..
Williams, ~ Treasurer or otherwise, has any
money OF tho company, nor that he has any
above what, by the terms of tho demand, he
might keep, even rs against n receiver,and as 1t
Is not alleged or show ll'nt.even II lie had. there
is any danger Of loss or misuse as against the
orators, or that II Is needed to respond present
or prospective orders Of the court bi way OF adj
minlstering the assets of the company, of course
there is not any occasion for the appointment
uf Receiver In reference to money. There Is
! 10 case In which the court appoint, Receiver
merely because the measure can do no harm,
as said in Hop X. ls5. orphan Asylum V. Nc
Cartee and it may be added that there Is no
Tncnt unless 10 prevent some proba-
bic impending harm, and thus to do
some apprccable good. The cxigcncies re-
Quring such appointment are either to prevent
fraud, save the subject OF litigation from ma
terial injury, OF rescue It from inevitable de-
structOn. Edwards on Records :. citing !
BANDS Oh. Rep. 420, AK. 56+ and such Is the
language and meaning OF all the eases and
books relative to the subject See Adams Oh.
2i3 n. /, Cheyer and al. V. l,ut. Il. X. X. Co.
aud others, 80 Vt. 65s, p. 66j ; Edwards on Rec.
$50 and the case OF Wills Y. COrlics, Ed. V. c.
Rep. PSI, apply with exact point to the case in
hand. That case IL quoted at large in Ed.
Recv. 23l ct seq
t The application for the appointment Of u Re-
ccver Is denied.
As to the petitions:
: hit be assumed for the purposes OF the pres
+ ent hearing, that the decree OF foreclosure Of
isCi, as revised and enlarged IN ISL, Is to be re-
garded as valid and binding as to the parties tC
e II and those entitled under and through them:
C II provides for the payment Of interest ant
:. principal by the LIST OF october, lss2, and unit
II paid, that the mortgages should have posses
e sion, and account for the avails, and, on pay
+ ment, should surrender possession and pay ovel
Il any balance of avails to the party entitled !
g the case were now standing In respect TO par
/ ties and interests rs 1t stood when the bill fo
foreclosure was brought and the petition fo
II enlarging the decree OF 1864 was preferred, per
Vt haps,i view of the character and details OF tina
d decree 1t might be warrantable, upon petition t,
II order an accounting OF the trustees In posses
s. sion, upon proper showing OF reasons thereto
l. FOR the purpose OF ascertalning whether redemp
D, ton had been made under the decree, to tn
Is interest that such decree might be carried int
effect In respect to any funds remaining In III
IA hands OF such trustees, over and above tn
m amount of the mortgage debt TO be paid as re
n quired by the decree, and In respect to an
.r other legitimate matters embraced by it. T
n that interest, and as TO the parties and interest
b. then before the court. there would be no occa
IS sion for any proceeding but the taking OF III
Sc account contemplated by the terms OF the dc
y, cree and the making OF the proper orders t
I'd enectuate the provisions and purposes OF tn
N decree. But since that decree OF 1864, VIZ: 1
IN May, 1865, the road was leased to Burchard
OF Page for two years. The validity OF that leas
Sc is not questioned, and Is virtually assumed, I
at said petition OF the VI. Val. II. X. CO. OF ISL
rs April, ISL petition was preferred by the the
III Valley II. II. Co., defendants In said decree
rt 1851, against the orators in that decree, askin
iy an enlargement OF the time OF payment;
iii company's railroad had been negotiated for
OF years. at yearly rent Of $4,000 for the FIR,
1t four years, and $4,000 for the residue of II
n term; and 1t Is therein shown that the Interest
It OF all parties Interested would be promoted /
nd the opening OF said decree, and extending Il
rt time Of payment not exceeding ten years. -
no as to apply the net Income OF said road und
ch said lease in extlnguishment OF said debt" d
at In the petition now In hand, the fact OF Il
IT, lease OF the 18th OF May, 1865 for ten years,
IL set forth and the assignment OF II to the RutlaI
of II. r. Co. and TO the Vermont Central, and
the Central Vermont Il. Il. CO., and that Il
ar lessons have received the rents under said leas
~, sufficient. with the other money paid
he them by 1.-THE petitioner company, TO pay
nm The mortgage and 1t youches said enlarg,
x decree as giving the petitioner company Il
Die right to the possession Of the road. which pc
CHI session has been demanded and refused. II
ny petitioner company prays leave to appear
is said foreclosure suit with this petition, and Tn
Pr notice be given to the trustees, the orators
,c- said foreclosure suit and decree, and to the
ng said lcssees, and that said assignees may
ell made parties 10 said foreclosure su
nd and that said trustees and assigne
tn and tenants be ordered TO surrender pc
)n- session OF said railroad to the pc
he tioner-the Vermont valley Railroad Coz
he pany OF 1871; an tha said Trustees be dire,
nd ed TO account ~ith The Petitioner company for I
money In their hands, ana pas over TO said COZ
In pany the balance.Iound due.
yes As this petition makes the decree of 1864,
nts enlarged In 1871 the ground Of the relief askt
he OF conrse the petitioners must be regarded
OBJ adopting the proceedings by which such rev
en- ion and enlargement were procured. II
Mt would at any rate embrace the lease OF 1868