Page:Federal Reporter, 1st Series, Volume 5.djvu/850

 838 FEDERAL REPORÏER. �to be given to the proeeedings of the court, their scope and effect. These proeeedings have been twice before the high- est court of the state for construction as to their effect upon the receivership, and as they are state proeeedings, under state laws, the interpretation of them by the state court ought to control. But counsel do not agree as to what the construction was at either time, in ail respects. CarefuI attention bas been given to these cases in order to foUow them as to the construction put upon these proeeedings, so far as one bas been given. �The Central Vermont Eailroad Company, a corporation created by the legislature of the state, with express power, among others, "temporarily to operate said roads, subject to the oïder of the court, in the case of the Vermont & Canada Eailroad Company and others against the Vermont Central Eailroad Company and others, pending in Franklin county in ehancery," by order of that court, succeeded the defend- a^nts in the possession and management of the roads, and applied to the court by petition in that cause for leave to sell the roads and property for the payment of trust debts eon- traeted by the defendants, elaiming that they were receiver- ship debts, chargeable as such as a first lien upon the prop- erty. The petition was denied, and that decision on appeal was affirmed. F. & C. R. Co. v. V. G. B. Go. 50 Vt. 500. �The court, after an elaborate examination of ail the pro- eeedings, and authorities bearing upon them, appears to have beld, that, after the compromise agreement and deeree, the relations between the parties towards the property, in respect to its managment, became changed so that a management for the parties through their own agreement took the place of a management by order of court. �In the opinion of the court, Barrett, J., speaking of the compromise deeree, said : "It was devised and put in form as the outcome of the mind and will of the parties as the mode of consummating into validity a mutual arrangement by the parties as to their respective rights and interests, and as to the mode and means by which the property was to be held and used in serving and satisfying those rights and ����