Robinson v. Alabama & G. Mfg. Co.

• Decision Date: 06 July 1891
• Citation: 48 F. 12
• Parties: ROBINSON v. ALABAMA & G. MANUF'G CO.
• Court: U.S. District Court — Northern District of Georgia

48 F. 12

ROBINSON v. ALABAMA & G. MANUF'G CO.

United States Circuit Court, N.D. Georgia.

July 6, 1891

Abbott & Smith, for complainants.

N. J. &amp T. A. Hammond, for respondents.

Before LAMAR, Justice, and NEWMAN, J.

PER CURIAM.

There are five grounds for demurrer, and for convenience we consider them in inverse order. The first ground thus considered is that 'said complainant does not aver when default in the payment of interest on said bonds, or any of them, was made known to the trustees, or either of them, nor that any notice thereof has been served on the president of the said Alabama & Georgia Manufacturing Company, both of which are conditions precedent to the exercise of authority and duty, by said mortgage conferred on said trustees or a majority of them. ' The language of the trust-deed, so far as applicable to this ground of demurrer, is as follows:

'In order, and in the fullest manner, to provide for the payment of bonds aforesaid, and the interest thereon, at the time and place when and where the same shall respectively fall due and be payable, the said J. G. Robinson, W. C. Yancey, and W. T Huguley, or a majority of their survivors or successors, are hereby authorized and empowered, should default be made in the payment of said bonds when they fall due, or in the payment of the interest on said bonds as it shall accrue they, immediately on such default, being made known by the holder or holders of the coupons attached thereto, and if after notice is served upon the president of said company the same shall remain unpaid for six months after such default shall have been made in the payment of said interest or principal, as the case may be, and at the request of any one or more of the holders of said bonds or coupons, and without any other or further authority from the said Alabama & Georgia Manufacturing Company, upon giving 60 days' notice of the time and place of the sale, together with a description of the property, in a newspaper published in Atlanta, La Grange, and West Point, Ga., to proceed to sell at public auction,' etc.

-- Then providing for the manner of sale, and the application of the proceeds. After alleging default in the payment of the coupons due July, 1890, and January, 1891, and that more than six months had elapsed since the July coupons fell due, and that they still remain unpaid, and that no money was on deposit at the place of payment at the time the said July coupons fell due, and...