Leadership

Decision in Water Tank Case

Issue 8 and Volume 57.

Decision in Water Tank Case Reports from Wilmington, Del., state that Chancellor Curtis in the Court of Chancery has handed down an opinion in the case of the Tippet and Wood Company, of Phillipsburg, N. J., against the Frederica (Del.) Water, Light and Power Company to which it furnished a water tank with the provisions that it should be the property of the company until paid for. Some time later the latter corporation mortgaged its property and provisions were also made for the mortgaging of any property which might thereafter be acquired for the purpose of securing a bond issue. The water tank, which was afterwards erected, was partly paid for, payments for which were to be made in regular instalments. The receiver had made application to the chancellor for an order to sell the whole plant of the defunct company, including the water tank, in order that all outstanding…

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