- CREDIT G0; v.rARKANSAB‘ CENT. B. C0. 47 ' ,
2. Snipe-Durr ro Burma Roan. ·` V ‘ ‘ · A ·
It is not a judicial duty to build railroads, and the assent of all the parties
interested in the property cannot make it one, and there is no difference in
principle between a court building a railroad by the issue of reeeiver’s certiii·
cates, and making extensive and general repairs and hetterments, approximat-
ing the original cost of construction by like means. » .
3. RAILWAY Moa·reAen—Bmumr1o1An1ms Bormn.
In the absence of fraud the beneiiciaries in railway mortgages are bound by
what is done by their trustee. » ` = ,
4. Rsrnnorm Bonus-Foaacnosunm. ‘ i i
Where a holder of railroad bonds alleged the trustee had filed a bill and ob- ·
tained a, decree of foreclosure for the principal of the bonds not due, as well
as for the interest which was due, without the written request of the holders
of one-third in amount of the bonds, which it was claimed was a necessary
prerequisite by the terms of the mortgage to the exercise of the power _to de-
clare the principal debt due, and sought for this reason to avoid the foreclosure
proceedings, held, (l)' that it was competent for the trustee to file abil] to fore-
close for the interest due; (2) that the plaintiff ratified the action of its trustee
by filing and proving in the.master’s oillce, in the foreclosure proceedings,.
more than one-third in amount of all the bonds issuedtand (3) that the ab- ·
sence of such a requisition did not affect the jurisdiction of the court, and a
decree for a larger sum than was due. was error merely, to be corrected on
appeal, and that as the error was one of which the trustee could not complain,
and there was no fraud, the bondholders were as much hound as the trustee,
and could not avoid the decree, on this ground, in any form of proceeding,
S. S.um—Erracr or Lacuna. V A _'
‘ The elfect of laches is not avoided by a general averment that the plaintiff —
was ignorant of the facts until a. short time before the bill was tiled. A gen-‘
eral allegation of ignorance at one time and knowledge at another is of no
eifect. If the plaintiif made any particular discovery, it should be stated when
it was made, what it was, how it was made, and why it was not made sooner. A A
6. SALIE;-FORECI»OSURE—SALE Unnmn. "
When the property of a railroad company is sold under a decree of fore-
closure, at which all persons are authorized to bid, the fact that it is purchased
by the president of the company in his individual right will not in itself raise
a trust relation between him and a holder of the bonds of the company which
will entitle the latter to treat him as a trustee of the property sopurchased. · -
7. BAm:—PoncnAsmn as Tnusrnn. _ ‘ t - l
— One claiming the right to avqidya purchase made by another at-a judicial
sale, or of treating the purchaser as a trustee, and availing himwlf of the " .
purchaser’s bid, cannot delay the assertion of this right to enable him to de-:
eide in the light of subsequent events whether he would or not beproiited
' by its assertion; ` ` . , .   -
8. Pnasnme-Lacnns Nunn New mr Pnmannn. · ` -
·Laches need not be pleaded. lf_ the cause as it appears on the hearing is
liable to the objection, the court will refuse relief without inquiring whether
· there is a demurrer, plea, or answer setting it up. ~ ~ ‘ "
In Equity. . i · ` _   V -_ ,
N. téJ..E#rb, for plaintiffs. t _ · , I V  
U. M. and G. B. Rose, and 0. C'. Waters, for defendants.
  jg ‘