Saturday, January 21, 2017

Adams, Seth - 1874

The A. & C. R. R. Case
In the United States Circuit Court, Hon. W. B. Woods, judge presiding, the following important case was decided on Friday last:  Seth Adams and others and trustees for the holders of the bonds secured by the first mortgage of the Alabama and Chattanooga Railroad Company vs. complainants, the Alabama and Chattanooga Railroad Company, Lewis Rice, H. Liflitt and Daniel N. Stanton, trustees for the holders of the bonds secured by the mortgage of the Alabama and Chattanooga Railroad Company, Charles B. Wallace and others.

And the cross-bill of Charles B. Wallace against the Alabama and Chattanooga Railroad Company and John C. Stanton, F. B. Loomis, Seth Adams and others.  Judge Woods decides that the first mortgage bonds are a superior lien to the second on the road, and decrees a sale of the road to take place on the first of May next.  Charles B. Wallace, complainant in the cross-bill, prayed for and obtained an appeal to the next term of the Supreme Court of the United States.  He also prayed for a supersedeas, <sic> which was granted, upon condition of giving bond and security in the penal sum of $100,000.-  [Mobile Register, 26th].
~ Birmingham Iron Age, 12-Feb-1874, Page 2, Column 6

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