The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-06-26
NORTH LOUISIANA AND TEXAS RAIL
ROAD.
Decree Of the United states COurt-Fraud-
uIent Possessars Entitled to COmpensa-

Decree Of the United states COurt-Fraud-
uIent Possessars Entitled to COmpensa-
ton.
United States Circuit Court, District OF Lou
isiana-Henry r. jackson ct al. vs.; the
yiekburg. Shreveport and Texas Railroad
Company ct al.-No. 5035
This cause came on to be heard upon the
peadings, DEGREES, orders, reports OF the
Master and exceptions thereto and the testl-
mony taken In the cause and before the MAS
ter and was argued by COUNSEL on and aa-
Greed by the court as follows:
1. That the plaintiffs, on behalf Of, them
selves and others, as set forth In the bill. have
established the mortgage set forth III the Dill,
made by. the Vicksburg, Shreveport and
Texas Railroad Company, ana nave estaD-
ished their claims under said mortgage by
proving the same before the Master, whose
report on this subject has been confirmed,
and that the report OF the Master describing
the property embraced within the terms OF
said mortgage and recommending the ratifi-
cation of exchange and sale having been
made, and no exceptions file d thereto, the
same Is approved and confirmed
2. The plaintiffs and others on whose behalf
the leu was filed are entitled to have said
morea yesold to satisfy the sums proven to
A be. evss spyy,m and recognized by this court.
sh B. HL I'LL 1he defendants have expended on
said naortgaged property. IN the making Oh
tn be t,,rned over the sum Of s4ss, 169 "a, on
which they are entitled to interest from the
date of said expenditures at the rate o. nve
per cent per annum, until said mortgaged
property was placed in the hands OF g re-
seiver by this court. That defendants have
received from the earnings of said property,
over and above all sums paid out for main
tenanee Of said property and running ex-
penses, the sum Of $1el, 47s So, for. which
they should account, with interest
at the rate Of five per cent per an
mum from the receipt of said sum.
That the interest on said sum expended and
said sum received by the defendants should
be computed for the same period Of time. or
what is equivalent thereto; the said sum re-
ceived should be deducted from the said sum
expended, and the interest computed on the
remainder That after making said deduction
the remainder is $326,632 80, which with in
terest added from the time when interest
should be computed up to April IL, 1875,
when the receiver of this court took possess
sion of said property. amounts to S59l ,e59 AZ,
for which sum defendants are entitled to com
pensation out of said property, to be raised In
the manner hereinafter set forth.
a. That article sos of the Revised Civil Code
of Louisiana, which authorizes the owner 81
property to require the removal or demoli-
lion OF theimprovementsm made on MS land by
third person, or to keep them at the value Of
the materials and cost OF workmanship, Is not
applicable to this case, because the plaintiffs
are mortgages and not owners, and because
the removal of many of said improvements is
Impossible, ana because Shlu improvements
cannot be demolished without destroying the
property Of which they form part. and
therefore the claim to said election made by
plaintiff under said article of the Code is dis
allowed
s. That all of said mortgaged property, in
Guiding the improvements placed thereon by.
the defendants, shall be set up at the price OF
Ss33,098 80, the actual value thereof, as shown
in the report OF the experts; and that IT this
sum, or greater amount be obtained at the
sale, the defendants shall be entitled to the
said sum of 1891, 1863 az, fixed as the value of
their improvements and interest thereon as
settled IN the third paragraph of this decree;
and II the said sum of $685., o9s 3S cannot be
obtained, then they shall have in the same
proportioI'of The sum actually obtained as
at44sum bears to the upset price aforesaid If
any less amount shall be obtained.
~ q. That tho holders of a majority OF the
bonds and coupons shall be at liberty to agree
upon O committee to purchase the property
for their account upon articles and terms OF
association, and with concessions to any
bondholder to become party thereto, at or
within fifteen days from the day OF sale.
Should the purchase be made, the purchasers
sh all not be required to make payment be-
yond the costs, charges, expenses OF the sale,
and the amount of the Judgment In favor of
the defendants hereinbefore stated, with five
per cent interest to the day of sale, which
shall be privilege upon the proceeds Of sale;
and THE said purchasers shall be entitled to
credit their bonds with the sums that may be
due from the purchasers on them as a part of
the payment. The proportions due to parties
who do not elect to join in the sale shall be
paid into the registry OF the court, there to
abide the application of the parties claiming
the same.
The defendant, the North Louisiana and
Texas Railroad Company, shall be at liberty
to purchase Mt said sale, or to become in
terested In the purchase made by any other
person or persons, and should the said COM
pany become the purchaser at said sale. or
become interested in the purchase made by
any other party, they shall not be required
to make a payment beyond the hand money
hereinafter mentioned, unless their bid, or tho
bid of the party or parties with whom they
may be associated exceeds the amount found
in their favor and applicable to. their bid,
under the fifth paragraph of this decree; and
the said company shall be permitted to credit
the sum that may be due them and applicable
to their bid, under said paragraph fifth, with
the sum that may be due by them, or by any
party or parties with whom they may be in
terested, as payment on the price OF the
purchase.
7. The property described in the mortgage,
and which has been made subject to the de-
cree of sale under the previous orders, to-
gether with all improvements and better
ments thereon, shall be exposed for sale by the
special master who has been heretofore ap-
pointed in this cause. He shall make the sale
in front OF the Custom-House in this city, on
some day to be appointed by him prior to the
first day of November next He shall make
the sale between the hours of II m. and 8 p.
M; OF the day appointed, and 1t shall be
fairly and openly conducted in pursuance Of
this order. He shall appoint crier, whose
compensation shall not exceed $780, He may
require of any bidder before adiudicating
the property as sold to him, the sum Of
$4,000 in money to defray the COSTS ex-
penses, charges and claims upon the
property and proceeding from the cause.
The purchaser shall also deposit or pledge
the sum of 100000 of the bonds secured by
said mortgage or Of the debt found due to the
defendants BY this decree. Should any bid
der refuse to comply with these terms his
anew. The master may, if necessary, offer
the property the following day at the same
place and after notice. or he may adjourn the
sale to another day, by publishing the ad-
made of the sale in the same papers and con-
tinuing those advertisements to the dav of
sale. No sale shall be made without an adj
yertisement of the time and Mace of sale and