69 F. 204 | U.S. Circuit Court for the District of Eastern Missouri | 1895
The Loomis Coal Company, -^fendant herein, was a manufacturing and business corporation engaged in the business of mining coal and buying and selling merchandise. Suit was instituted by Snively against the defendant to foreclose a vendor’s lien existing in his favor upon certain real estate of the defendant. By appropriate intervention, the Merchants’ Bank of St. Joseph and the First National Bank of Hannibal became parties to the suit, and, by the interlocutory decree heretofore entered in the case, said banks are found and decreed to have mortgage liens against the real estate and property of the defendant, given to secure the payment of large sums of money due from the defendant to them, respectively, and said Snively was found and decreed to have a valid vendor’s lien also. At the institution of the suit, the court, at the instan ce of the plaintiff, appointed a receiver to take charge of the property pending the litigation; and for special reasons, satisfactory to the court, the receiver was directed to continue the operation of defendant’s mines, and also the transaction of its mercantile business. Within three months prior to the appointment of the receiver, the intervener here sold powder to defendant, which was placed in its store as part of its stock of merchandise, for sale to the public and for use by it, as occasion might require, In its mining-operations. About one-half of the purchase price of this powder was paid by defendant before the receiver was appointed, and the balance, amounting to $448.50', remained at that time unpaid. The intervener, in its petition, claims that, under the general doctrine recognized in suits for the foreclosure Of railroad mortgages, the court ought to order said balance paid to it out of funds in the hands of the receiver, as a claim, in equity, superior to the mortgage and vendor’s liens. The special master to whom this petition was referred reported adversely to the claim so made, and the question is now before the court on exceptions to the master’s report.
The equitable doctrine invoked in this case rest? upon the assump
Inasmuch as each and all of the exceptions taken to the master’s report challenge his final conclusion only, there is no occasion to refer to any one of them separately. The exceptions are overruled.