Appeal of Tarbell

Citations

• 7 Pa. Super. 283
• 1898 Pa. Super. LEXIS 284

Syllabus

<p>Corporation — Mortgage—Appointment of trustee on petition of bondholders — Jurisdiction, C. P.</p> <p>Where a railroad mortgage provides for the appointment of a trustee, to fill a vacancy in a trusteeship, by a majority of the bondholders, the court of common pleas has power to confirm such trustee upon petition of a bondholder’s committee representing a majority of the bonds, and the decree of the court confirming such appointment is equivalent to a finding of fact that the petitioners were a committee of the holders of a majority of the bonds, outstanding at the time of the decree, intended to be secured by the mortgage.</p>