Cases argued and decided in the Supreme Court of the State of Texas, during the latter part of the Austin term, 1884, and the Tyler term, 1884. Volume 62. Page: 45
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1884.] RYAN v. HAYs. 45
Opinion of the court.
United States circuit court, wherein bondholders were seeking to
foreclose mortgages given by the railroad company on its franchises,
roads and other property; and the railroad company was enjoined
from interfering with the property placed in the,hands of the receiver,
or with his management.
This action was instituted on the 15th of October, 1879, for an
injury alleged to have been received on June 18th in the same year.
The property in the hands of the receiver, including the railway
franchise, railway, engines, cars, and appurtenances, were, under an
order of the circuit court, sold by the receiver, which order was made
in one of the suits pending against the railroad company. This sale
took place in July, 1879, and another like sale was made in pursuance
of proceedings had in another case; this sale was made October
The property was purchased by the bondholders for whose benefit
the sales were ordered; the sales were properly reported to the
circuit court, and were by it in all things approved, and a deed was
directed to be made to the purchasers, which was executed.
On November 1, 1879, the purchasers at the sales before referred
to reconveyed to the railroad company (the original corporation) all
the property and rights purchased by them, at a price much less
than the amount for which it was bought, to secure which a mortgage
From November 1, 1879, the railway, with its franchise and all
other property, has belonged to the original corporation.
The order appointing Hays receiver, among other things, "authorized
and instructed him to carry on the business of a common carrier
through the whole extent of this defendant's line of railway,
according to the usual course of business, under and subject to the.
supervision of said circuit court, and to use and employ defendant's
property to that end, and in doing so he shall be vested with all of
the defendant's rights and franchises as a corporation."
On the 17th of November, 1879, the stockholders of the railway
company passed the following resolution:
CResolved, That the board of directors be authorized to accept
from the receiver of the property of the company, Mr. R. S. Hays,
all money and other property remaining in his hands on the 1st day
of November, 1879, and to assume in the name of this company all
debts and liabilities of said receiver existing on that day; and further,
to execute and deliver to the receiver, in the name of the company,
a bond of indemnity against all liabilities incurred by him as
The bond was given in pursuance of the resolution, but it was
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Texas. Supreme Court. Cases argued and decided in the Supreme Court of the State of Texas, during the latter part of the Austin term, 1884, and the Tyler term, 1884. Volume 62., book, 1885; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth28512/m1/67/: accessed March 29, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .