Vicksburg & Meridian Railroad v. McCutchen

Citations

• 52 Miss. 645

Syllabus

<p>1. Equity or Redemption : Act of March, 187%. Service of process on corporations.</p> <p>This act requires the judgment creditor to resort to chancery to enable him to sell the equity of redemption of his debtor. The effect of this act was to change the mode of subjecting the equity of redemption, and not to impair any right of the creditor as against it. It provides that “ corporations shall have the same notice now provided for natural persons.” This provision does not modify or repeal § 708 of Code of 1871, as to mode of serving process on corporations. The term “ notice ” does not apply to this service of process; it is more appropriate to publications to non-residents or unknown defendants.</p> <p>2. Same : Mortgages by railroad companies.</p> <p>A railroad company cannot defeat the right of its creditors to sell the equity of redemption by executing a deed of trust with long time to run, etc. To hold that it could would be a palpable violation of the Code ($ 2414), and contravene the policy of our law. Nor are the judgment creditors limited to a bill to obtain satisfaction of their judgments to the earnings or the income of the company. To hold such would not only deprive them of what they are entitled to under the law, but would recognize the right of a railroad company to secure itself in the possession and enjoyment of its property for an indefinite time, and compel all of its creditors to resort to the means it has provided for their payment, and not to those the law has given.</p> <p>8. Same : Necessary parties.</p> <p>To a bill filed under the act of 1872 it is not necessary to make the mortgagees, trustees, and cestuis que trust, or any of them, parties defendant.</p> <p>4. Same: Decree in equity. Sale of property. Possession.</p> <p>“Where the chancery court renders a decree for the sale of property, to pay debt, it is not usual to direct in the decree that the purchaser be put in possession of the property, though it does not vitiate the decree; it