Com. ex rel. Hooton v. Wilmington & Northern R. R.

Citations

• 2 Monag. 538
• 17 A. 5
• 1889 Pa. LEXIS 1384

Syllabus

<p>In the case of Pennsylvania railroads consolidated with those of other states, under the Act of March 24, 1865, the provisions of the Act of March 13, 1847, requiring the president to be a citizen of the state and resident therein, where the works and property of a railroad company are principally located in Pennsylvania, do not apply.</p> <p>A mortgage on a railroad recited an intention, on the part of the directors, of funding coupons of railroad bonds accompanying another mortgage. Before the new bonds were issued, the mortgage with the recital was released, the release containing a misrecital of the mortgage-book. A new mortgage was placed upon the railroad containing no provision for funding the bonds. The franchises were afterwards sold at judicial sale and a new company organized. The holder of the coupons recited in the released mortgage petitioned for a mandamus to compel the funding of his coupons by the reorganized company. Held, that he was not entitled to the writ.</p>