Page:Federal Reporter, 1st Series, Volume 7.djvu/635

 BANK OF MONT^AL V. 1BA.YER. 62§ • �(2) That afterwarde, on the twenty-seventh of July, 1876, said court made an order authorizing the defendant, as receiver, to construct and; build all the unconstructed portion of the Une of said railroad from Clin- ton to lowa City, lowa, and to repair other portions, for which purpose. he was authorized and empowered to borrow, on certain tenus, such sum or sums of money, and to make such indebtedness, as should be necessary,. not to exceed $8,000 per mile upon the whole line of said road completed and to be completed, and to make and issue to the persons of whom said money might be borrowed, and to whom such indebtedness might be due, but only such as might be incurred by him, his debentures or certtfl- cates, with interest expressed in their body, or in coupons or interest war- rants thereto attached, signed by him as receiver, but not personally, which debentures were to be held as receiver's indebtedness, and as such decreed and adjudged to be a flrst lien for the principal and interest thereof upon the entire llne of said railroad, et<!. And in case of the default in the payment of such debentures or certificates, principal or interest, according to the terms thereof, any holder thereof might institute or prosecute a suit in his or theirnames to enforce the lien and compei payment thereof. �(3) That on or about the twentieth of January, 1877, the defendant made and delivered to the Joliet Iron & Steel Company flve several cer- tificates or debentures, all of like tenor, and one of which ia as follows : �EXHIBIT B. �Beeeieer't Ourtificate Beferred to in Above Petition, No. 28. ^ $5,000. �OffFICB OF THE KECEnTEB OF THE CHICAGO, ClilNTOir �& Wbsteen Raii.road. �Clintoit, lo'wA, January 20, 1877. This is to certify, that there is due on July 16, 1877, to the Joliet Iron & Steel Company, or bearer, from Edward H. Thayer, as receiver, (but not personally,) of the Chicago, Clmton& Western Railroad, appointed by the district court of the state of lowa, in and for Clinton county, jflve thousand (5,000) dollars, with interest thereon from this date at th'e rate of 7 per cent per aunum, on account of indebtedness incurred by said recwver. This obligation is issued under and by virtue of certain pro- visions of an order duly entered by the district court of Clinton county, lowa, on July 27, 1S76, and is one of the series of receiver's certificates authorized to be issued by such order, and by virtue thereof constitutes a first liemicon the said lineof railroad, its appurtenances, franchises, and income, being for iron rails furnished for constructing said road. Payable at the Third National Bank, Chicago, Illinois. [Signed] Edward H. Thatbr, �As receiver of the Chicago, Clinton & Western Raiiroad. �(4) That by the terms of said certificate or debentures the said defend- ant acknOwledged and certifled that there was due the said Joliet Iron & Steel Company, or bearer, from Edward H. Thayer, as receiver, but not personally, the sums named therein, with: mterest, on accohnt of in- debtedness incurred by said receiver; that said obligation was issoed under and by virtue of the provisions of the order of court above named and was one of the series of certificates authorized to be issued bysaid order, and by virtue thereof constituted a first lien upon the said line of railroad, etc., being for iron rails furnished for cousJ;ruflting said railrdad. ��� �