Augusta Trust Co. v. Federal Trust Co.

Citations

• 140 F. 930
• 1905 U.S. App. LEXIS 4857

Syllabus

<p>Street Railroads — Lien under Massachusetts Law — Agreement to Issue Bonds.</p> <p>A provision in notes given by a Massachusetts street railroad company, . by which it agreed to issue to the holder certain of its bonds secured by a mortgage previously given as soon as a further issue of bonds thereunder should be authorized by the state railroad commissioners, whose authority was necessary before they could be legally issued, does not place the notes on an equality with the bonds previously issued, nor create an equitable lien on the mortgaged property which can be enforced by the courts, where no authority to issue the bonds was ever given by the commissioners.</p>