Farmer's Loan & Trust Co. vs. Great Western Railroad Company, [Law Papers].

Summary: In 1853, the Great Western Railroad Company borrowed $1,000,000 and issued bonds in various denominations to pay back the loan. To secure these bonds, the Great Western Railroad issued a deed trust transferring a portion of the railroad line to the Farmers' Loan and Trust Company. The railroad failed to pay the first series of bonds and interest. The Farmers' Loan and Trust Co. retained Lincoln and sued the railroad. The Farmers' Loan and Trust Co. asked the court to obtain an accounting of the railroad's records, to appoint a receiver to take control of the railroad, and to issue an injunction to stop the railroad from paying any other debts before repaying the bank. The Farmers' Loan and Trust Co. added other defendants upon discovering that the railroad had mortgaged some of its land to others. Lamb, one of the defendants, motioned the court to dismiss the case because of a lack of proper parties. The Farmers' Loan and Trust Co. later dismissed the case.