Lennig v. Choctaw, Oklahoma & Gulf Railroad

Citations

• 15 Pa. Super. 510
• 1901 Pa. Super. LEXIS 381

Syllabus

<p>Railroads — Income mortgage bond scrip.</p> <p>Where the stockholders and bondholders of a railroad company with the assent of the company adopt a plan of reorganization by which certain income mortgage bonds provided for in outstanding scrip certificates are converted into preferred stock, and it appears that no time is mentioned in the certificates within which they are to be presented for conversion into bonds, the railroad company cannot set up as a defense in an action against it on a certificate, the plan of reorganization, nor the delay of the plaintiff in not presenting his certificate until after the income bonds had been retired.</p>