Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1895-05-02
A FORECLOSURE SALE
Ordered In the Case Of the New York
and New England Railroad.
Company Defaulted bv Fail
ure to Pay Mortgages.


NEW YORK. May s.-Judge Wallace, In
the United States circuit court Of tho
southern district OF New York, rendered
decision yesterday against tho New
York and New England Railroad com
pany In the matter Of the foreclosure Of
%. OO00 600 mortgage.
The mortgage was executed on Juno 22,
1882. Tho plaintiffs In the present case
were William L Hart, Frederick j. Kings
bury and Enstace 9. Fitz, who were trus.
toes of said mortgage and deed OF trust
The decree recitos that the mortgage
made by the defendant railroad company
10 valid and subsisting mortgage, and
constitutes lien upon the mortgage In
the premises and property described In
said mortgage. 1t is further dccreod that
the lien OF tho said mortgage Is prior to
any other lien upon said property. except
that 1t Is subject to the prior lien Of q
mortgage to the Boston Safe Deposit COM
pany, under date OF Jan. l, 1875, known
as tho first mortgage bonds, for the aggre-
gate OF $l0. 100000.
1t is further decreed that at the time of
the filing of said bill of complaint the
trustees Of the mortgage, Hart, Kings
bury and Fitz, were entitled to take pos
session of oil the property covered by the
mortgage and receive the income thereof,
to be applied In accordance with the pro-
visions. Of said mortgage. That prior to
the filing of said bill OF complaint the de-
fendant railroad company had defaulted
and was thcn in default by their failure to
pay interest which became due on Feb. /,
1894.
To he Sold as an Entirety.
Said railroad company failed to pay In.
terest due Aug. l, 1894. and on Feb |,
1896. The complainants. as trustees. are
entitled to the relief prayed for by them In
their complaint and to fpreclose said mort
gage and sell the mortgaged premises and
property. 1t Is decreed that the property,
rights and franchises covered by the said
mortgage to Hart and others as trustees
should be sold as an entirety.
1t Is further decreed that the principal
Of said %, 0O0 600 is due and payable That
$3.50 900 interest Is now due. 1t is further
ordered that within 20 days of the entry Of
this decree the said defendant railroad
company pay to the c0mplainants for the
benefit OF the parties entitled the principal
OF Is, 0O0. 600 with interest due; also Buffi.
cient sum to pay the costs Of complain.
ants In the case. and that unless each of
the said payments be made within 20 days
the lien existing by virtue Of said mort
gage shall be foreclosed and all the mort.
gagged premises be sold without apprais-
. ment or right Of redemption at public auo-
tion at the Federal building at Hxrtford.
That at least 30 days notice Of the sale
shall be given by publication.
The sale may be postponed at the desire
OF the trustees or by order Of court No
bid shall be received at the sale unless
the bidders deposit 500. 600 In some re-
sponsible bank. II any accepted bidder
fails to comply with the terms of the sale,
his money shall be forfeited.
Francis p. Lowrey is appointed com.
missioner to make the sale.
Thomas G. Platt and Marsden J. Perry
have been receivers for the New York and
New England company for nearly two
yeara