First National Bank of Cleveland v. Shedd - 121 U.S. 74 (1887)
U.S. Supreme Court
First National Bank of Cleveland v. Shedd, 121 U.S. 74 (1887)
First National Bank of Cleveland v. Shedd
Submitted January 24, 1887
Decided March 28, 1887
121 U.S. 74
In two suits for the foreclosure of two mortgages of an insolvent railway, which Mad, by amendments and crossbills, become practically consolidated, the two sets of trustees, acting in harmony and in good faith, and with the approbation of the holders of a majority of the bonds issued under each mortgage (but against the wishes and objections of persons holding a minority of one of the issues as collateral, and contesting the priority of lien as to some of the property and the legality of some of the issues of bonds), procured the entry of a decree which ordered a speedy sale of all the property covered by either or both mortgages as being for the best interest of all concerned, but left the conflicting claims as to the priority of lien and the amount of bonds issued to be settled by a subsequent decree or decrees. Held that the court below had power to make this decree; that it was a final decree from which an appeal could be taken to this court, and that it was right.
This was a motion to dismiss united with a motion to affirm. The case is stated in the opinion of the Court.