Frayser's Adm'r v. R. & A. R. R.

Citations

• 81 Va. 388
• 1886 Va. LEXIS 105

Syllabus

<p>1. Trust Deeds—Trust subject—Profits:—The law is now well settled that until possession of the trust subject is taken by the trustee, or by proper judicial authority, the grantor is entitled to the profits. When possession is thus taken, the trustee becomes entitled to the profits, but only to such as thereafter accrue. Gibert v. W. C. V. M. and G. S. R. R. Co., 88 Gratt. 645.</p> <p>2. Railroads—Trust deeds—Beceivers—FI. fa.’s—Case here.—Railroad is under trust to pay certain debts. At suit of trust creditors, receiver is appointed and ordered; after executing required bond, to take possession of and carry on the railroad. Between such appointment and the execution of said bond, a ft. fa. against the railroad company is placed in sheriff’s hands ; and there are funds in bank to the credit of the suit, representing the earnings, &c., of the road.</p> <p>Held :</p> <p>The ft. fa. creditor is entitled to have those funds applied to satisfy his debt in preference to the trust creditors.</p>