by John Marshall Harlan

“ It seems to us entirely clear that, by the decree of sale, the liens which were attached to such certificates as the court might award, on account of the moneys loaned to the receivers by Clark, were among those expressly subject to which Swann purchased, and received title to, the property. Consequently, for the reasons stated in Swann v. Fabyan, the property is liable to the holders of such certificates.
This disposes of all that there is of substance in the case. We perceive nothing of merit in the appeals of Fallon and the Alabama Great Southern Railroad Company. ”

“ And this view is strengthened by the further fact that, in the decree of June 19, 1877, confirming the sale to Swann, subject to the liens described in the decree of December 4, 1876, the court expressly freed the trust estate from liability to certain persons on account of hypothecated certificates held by them, but does not name the 45 certificates as among the number so cut off. ”

“ The object of the suit was to obtain a decree adjudging that receivers' certificates to the amount of the moneys advanced by Clark, with interest thereon, be allowed to the petitioners and to the holder of the six certificates-the certificates so allowed to be established as a prior lien upon the railroad and other property purchased by Swann. ”