Page:Federal Reporter, 1st Series, Volume 9.djvu/810

 DWIGHT V. SMITH. 793 �gagor, and to have the trustee a defendant for that purpose, and shows no other ground for relief. �The demarrer of the Central Vermont Eaiiroad Company and John Gregory Smith and James R. Langdon is sustained, and that of the Vermont Central Eaiiroad Company and Worthington 0. Smith is overruled. ���DwiGHT and others v. Smith and others. �[Circuit Court, D. Vermont. October Term, 1881.) �1. MoBTSAGB BoNDHOLDEiis— Transferees — Personai. CLAtua aoainbt thb Trustees. �Personal claims, by holders of mortgage bonds, against trustees in the mort- gage on account of the bonds, do net pass to persons subsequently acquiring such bonds, unless by an agreement to that eflect. �In Equity. �Francis A. Brooks and William G. Shaw, for orators. �Benjamin F. Fifield and Daniel Roberts, for defendants. �Whbelbe, D. J. This cause has been heard upon a demurrer to the bill of complaint for want of equity in favor of the orators, gen- erally, and for want of sufficient definiteness in stating the grounds for the relief claimed. The bill alone is to be looked at in determin- ing the questions so raised. Acoording to the bill the orators are now holders of the first-mortgage bonds to a large amount, but when they became such holders is not shown. Some of the defendants are trustees in that mortgage ; others are the representatives of a trustee, deceased; another defendant is the Central Vermont Eaiiroad Com- pany, alleged to be in possession of the mortgaged property ; others are directors in the latter corporation. The trustees have both neg- lected and violated their duty to the first-mortgage bondholders, while in possession of the mortgaged property, in not accounting to them for moneys received by them as trustees for them, and in delivering the property to the Central Vermont Eaiiroad Company against their rights and expressed wishes. And the Central Vermont Eaiiroad Compf,ny has receiTed the income of the mortgaged property and not accounted for it; and its directors, made defendants, have partici- pated in that act. �If the trustees received income frora the mortgaged property belonging to the bondholders and to be distributed to them, the ��� �