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| Edition: | Memphis v. Dow, ,) an Arkansas corporation, conveyed, by deed of May 2, 1877, to Pierson, Matthews, and Dow, trustees, its road and connections, and all its property, rights, and privileges, including its franchise to be a corporation, to secure the payment of its bonds of the same date, aggregating $2,600,000, and payable in 30 years, subject to a mortgage for $250,000, executed May 1, 1877 The deed provided for the employment, at the expense of the trust-estate, of such attorneys and agents as were reasonably necessary for the execution of the trust, and also for the payment of charges, costs, expenses, and compensation incurred by the trustees, from time to time, 'in and about or for the execution of the trust' On the fourth day of March, 1882, the supreme court of Arkansas, in a suit to which that corporation was a party, rendered a decree adjudging that the state had a lien upon its road and rolling stock to secure the payment of $202,13332, with interest from December 22, 1879, until paid, at the rate of 8 per cent per annum; that being the aggregate principal and interest then due on a loan of $100,000 made January 10, 1861, by the state to the (old) Memphis & Little Rock Railroad Company, and secured by a mortgage upon its rolling stock, and upon the same road now operated by the appellant On the twenty-fifth of March, 1882, five days before the day fixed for the sale directed to be made in satisfaction of that decree, the appellees, (Moran having succeeded Pierson,) as trustees in the deed of May 2, 1877, paid into the treasury of Arkansas the sum of $239,67271 in full discharge of the state's claim . |
| Source: | Memphis v. Dow from http://bulk.resource.org/courts.gov/c/US/120 |
| Contributor(s): | BenchBot |
| Level of progress: | Text being edited 
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| Notes: | Gathered and wikified using an automated tool. See this documentation for more information. |
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