 | 1898 - 1054 pages
...Improvements. Every railroad mortgagee, in accepting his security, Impliedly agrees that the current debts made in the ordinary course of business shall be paid...from what may not Improperly be called the current debí fund, and put into that which belongs to the mortgage creditors, it certainly is not Inequitable... | |
 | George Tucker Bispham - 1887 - 760 pages
...improvements. Every railroad mortgagee in accepting his security impliedly agrees that the current debts made in the ordinary course of business shall be paid...current receipts before he has any claim upon the incomp. If for the convenience of the moment something is taken from what may not improperly be called... | |
 | United States. Interstate Commerce Commission - 1940 - 1298 pages
...(404). Every railroad mortgagee, in accepting his security, impliedly agrees that the current debts made in the ordinary course of business shall be paid...receipts before he has any claim upon the income; and that the income out of which the mortgagee is to be paid is the net income obtained by deducting... | |
 | Lawrence Lewis, Adelbert Hamilton, John Houston Merrill, William Mark McKinney, James Manford Kerr, John Crawford Thomson - 1889 - 768 pages
...operating and managing expenses, proper equipment, and useful improvements." (3) If anything is taken from the current debt fund, and put into that which belongs to the mortgage creditors, the court may require, as a condition of an order to take possession of the mortgage property, and... | |
 | Leonard Augustus Jones - 1890 - 696 pages
...improvements. Every railroad mortgagee in accepting his security impliedly agrees that the current debts made in the ordinary course of business shall be paid...may not improperly be called the current debt fund, aud pnt into that which belongs to the mortgage creditors, it certainly is not inequitable for the... | |
 | Charles Fisk Beach (Jr.) - 1890 - 818 pages
...mortgagee, in accepting his security, is deemed by legal implication to agree that the current debts made in the ordinary course of business shall be paid from the current receipts before ho shall have any claim upon the income.4 It frequently happens that debts for labor, supplies, equipment... | |
 | George Tucker Bispham - 1893 - 840 pages
...improvements. Every railroad mortgagee in accepting his security impliedly agrees that the current debts made in the ordinary course of business shall be paid...something is taken from what may not improperly be culled the current debt fund, and put into that which belongs to the mortgage creditors, it certainly... | |
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... of which the mortgagee is to be paid is the net income obtained by deducting from the gross earnings what is required for necessary operating and managing expenses, proper equipment and useful improvements. Every railroad mortgagee in accepting his... 
