First Sav. & Trust Co. v. Cazenovia & S. C. R. Co. Petition of Hanzlik
| Decision Date | 12 January 1915 |
| Court | Wisconsin Supreme Court |
| Parties | FIRST SAVINGS & TRUST CO. v. CAZENOVIA & S. C. R. CO. PETITION OF HANZLIK. |
OPINION TEXT STARTS HERE
Appeal from Circuit Court, Sauk County; E. Ray Stevens, Judge.
Action by the First Savings & Trust Company against the Cazenovia & Sauk City Railroad Company; J. E. Hanzlik, petitioner. From adverse orders, petitioner appeals. Affirmed.
An appeal from two orders made by the circuit court of Sauk county.
The petitioner, Hanzlik, by his first petition claims that he is entitled to interest upon certain coupons, which had been attached to bonds issued by the defendant railroad company, and that past-due coupons are prior in right of payment to the bonds and coupons of later maturity. The bonds are secured by a trust deed. By a second petition he asks that an allowance of $450 be allowed him for services he claims to have rendered as manager of the defendant railroad.
The Cazenovia & Sauk City Railroad Company operated a short line railroad from Cazenovia to La Valle in Sauk county. The property of this railroad has been mortgaged to the First Savings & Trust Company of Milwaukee, as trustee, to secure certain bonds with attached interest coupons. Upon default in the payment of the interest the bondholders elected to declare the whole amount due and began foreclosure proceedings. C. E. Blake, of Madison, Wis., was appointed receiver and took possession of the company's property on June 30, 1913. The company's assets were sold at a receiver's sale. Prior to the discharge of the receiver, and before the judgment of foreclosure, the appellant filed two petitions demanding payment of interest coupons in his possession and $450 of unpaid salary as manager. He claimed to own certain bonds, and he separated the interest coupons past due from them and held the coupons as his property. He asked in his petition that he be awarded interest on the amounts of these coupons, so past due, from their maturity, and that the amounts thereof be adjudged to be a prior lien upon the assets of the company, and that he have a preference for their payment over the bonds and coupons of later maturity. The circuit court denied this petition.
The petitioner in his second petition claims that he was director, treasurer, and general manager of the Cazenovia & Sauk City Railroad from July 1, 1912, until July 1, 1913, and that during such period he acted as claim agent, purchasing agent, and superintendent of roadway and improvements. He states that his salary was to be $100 per month, and that there is due him the amount thereof from February 15, 1913, until July 1, 1913, namely, the sum of $450, and he asks that the receiver be directed to pay this out of the funds that he may have in his hands, or which may come into his hands from the sale of said property or from the proceeds derived from the operation of the railroad. The circuit court found that the petitioner had breached his contract in that he did not perform the services required under his contract during the last six months preceding the receivership. From these orders denying appellant's petitions this appeal is taken.Carl N. Hill, of Madison (Frank W. Hall, of Madison, of counsel), for appellant.
Miller, Mack & Fairchild, of Milwaukee, for respondent First Savings & Trust Co.
Richmond, Jackman & Swansen, of Madison, and Bentley, Kelley & Hill, of Baraboo, for other respondents.
SIEBECKER, J. (after stating the facts as above).
[1][2] The appellant assails the finding of the circuit court to the effect that he breached his contract as general manager and for other services thereby required of him. An examination of the record discloses that the evidence bearing upon the question of his performance of the services required of ...
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