Central Trust Co. v. Third Ave. R. R.

Citations

• 165 F. 478
• 1908 U.S. App. LEXIS 5394

Syllabus

<p>1. Corporations (§ 565*) — Insolvency and Receivers — Creditors’ Suits — Proof of Claims.</p> <p>In tbe administration by a court of tbe property of an insolvent corporation, tbe fact that all of the stock of certain creditor corporations is owned by one of the number does not entitle it to prove claims in behalf of the others, but each must be proved separately.</p> <p>[Ed. Note. — For other cases, see Corporations, Dee. Dig. § 565.*]</p> <p>2. Street Railroads (§ 58*)--Leases — Construction—Surrender of Property by Receivers.</p> <p>Receivers for a street railroad company, which included in its system several leased lines, within a reasonable time after their appointment elected to surrender one of such lines which they had operated until that time and the rent for which was in default, and the same was turned over to a receiver for the lessor company. The lease provided that all property passing thereunder should be maintained in good repair by the lessee, including all cars and other items of equipment, and on termination of the lease by default or otherwise should be returned, except such as had ceased to exist, as to which the substitutes therefor provided by the lessee, with all increments and additions and all improvements and betterments on the property, should pass to the lessor, which substitutes should be equal in value to the property for which they were substituted. At the time the property was surrendered there was a quantity of coal bought by the receivers for the lessee in the power house of the leased line, for use generally in furnishing power for the system. This could have been removed, but by agreement was turned over to and accepted by the receiver for the lessor without prejudice to the rights of either party. There were also other items, such as oil and repair parts, adapted for use generally on the different lines and bought for that purpose with general funds of the receivership, stored on the leased property, as well as repair parts ad