Illinois Trust & Savings Bank v. Pacific Railway Co.

Foreclosure of mortgage on lines of street railway and appurtenant property in the city of Los Angeles, alleged to have been given as security for an issue of bonds of the Pacific Railway Company. The defendants in the action are numerous, but only the company named prosecutes the present appeal. There was a former appeal from the judgment by certain other defendants (Illinois Trust etc. Bank v. Pacific *336 Ry. Co., 115 Cal. 285 ); the questions there raised, however, have little or no affinity with those made here; these relate mainly to the personal liability of the Pacific Bail way Company to pay said bonds; the court below made findings on which followed certain provisions of the judgment to the effect that the bonds were the lawful obligations of said company, and that if the available proceeds of sale of the encumbered property, which was subject to the lien of a prior mortgage for a large sum, should be insufficient to discharge the sum found due on the bonds, then that said company pay the amount of the deficiency; to those findings appellant directed its motion for new trial.

The Los Angeles Cable Bailway Company, one of the defendants, a corporation organized under the…