Samuel Blatchford, Wright v. Kentucky G E Railway Company…
“ The terms of the construction contract are inconsistent with the idea of any ownership of the constructed road by the construction company, or any lien on it by that company. That company was to have all the money, municipal bonds, and property given or issued in payment of subscriptions to stock, and all stock not necessary to maintain the charter or not issued to municipal corporations for subscriptions to stock, the charter or not issued to mortgage bonds, secured by the mortgage as 'a first lien,' and $1,200,000 in an equipment bond, secured by an equipment mortgage. ”
