55 Md. 153 | Md. | 1880
delivered the opinion of the Court.
The original bill in this case was filed by the appellant and others, claiming to be creditors of the Southern Maryland Railroad Company, against that company and others, praying the appointment of a receiver or receivers, the sale of the property of the Southern Maryland Railroad Company, and for an injunction. Receivers were appointed, and an injunction ordered and issued as prayed. All this occurred in July, 1875. The case has never been prosecuted to final hearing or decree; and the validity of the claim of the appellant is controverted, and has been put in issue by the pleadings in the cause.
The State of Maryland, being largely interested by reason of a subscription to the stock of the defendant railroad company, was allowed to intervene as a party to the proceedings. Subsequently, upon petition filed by the complainants, and by the State, an interlocutory order for the sale of all the property, real- and personal,
2. In the next place, we think it equally clear that the rescission of the interlocutory order of sale furnishes no ground of appeal. The order determined no right whatever. It did not establish the claims of the parties upon whose application it was passed; and the Court, in acting upon the application for such order, was in the exercise of a purely discretionary power. If it had refused to pass the order for sale, it is very clear that no appeal would have lain from such refusal; and having passed the order, if for satisfactory cause subsequently appearing, the order not having been executed, the Court deemed it proper to rescind that order, and thus leave the question of sale to depend upon the final determination of the cause, no person can rightfully complain by way of appeal. The power is one of no ordinary nature, and it should only he exercised in proper cases, where the Court has become “ satisfied clearly by proof, that, at the final hearing of the case, a sale will he ordered.” The object of the power is to prevent waste and depreciation of the property, and to promote the interest of all parties concerned; and where these objects are not to he attained, the power should not he exercised. And though the
8. Lastly, as to the dissolution of the injunction granted on filing the original bill. It is quite manifest that the continuance of the injunction would have the effect to thwart and entirely defeat the plans and arrangements for the re-organization of the Southern Maryland Railroad Company; and consequently, its continuance would be wholly inconsistent with the objects and purposes of the order discharging the receivers and rescinding the order of sale. Moreover, the state of case upon which the injunction was granted, was wholly changed by the agreement and plan settled upon among the creditors for the re-organization of the company; and there is no equity that would justify the Court in maintaining the injunction at the sole instance of the appellant, as against all the other creditors, as well as against the railroad company. Eor can the appellant he injured by the dissolution of the injunction, whether the re-organization of the company he successful or not. The claim of the appellant is comparatively small, and the hill has been retained, with liberty to the appellant to proceed thereunder; and if it succeeds in establishing its claim, that is fully secured by
The order appealed from will he affirmed, with costs to the appellees.
Order affirmed, and cause remanded.