80.  551.
2  Governments  Stock  Invest.,  etc.  Co.  ^  gee  Chap,  XX.  (preventive  remedies)


494  RAILWAY   BONDS   AND   MORTGAGES.  [CHAP.  XXV.
gaged  property  to  the  payment  of  his  claim,  for  property  which  a
debtor  has  a  right  to  dispose  of  by  a  voluntary  alienation  must
necessarily  be  liable  to  involuntary  alienation,^

Questions  arising  under  this  head  must  be  carefully  distin-
guislied  from  those  in  which  the  corporate  property  is  deemed
to  be  protected  by  the  fact  of  its  being  essential  to  the  exercise
of  the  franchises,  and  not  by  the  fact  of  its  being  mortgaged.  As
railroad  mortgages  ordinarily  run,  all  the  property  entitled  to  pro-
tection for  the  former  reason  is  also  entitled  to  protection  for  the
latter  reason.  The  distinction  is  important  in  so  far  that,  where
the  former  reason  is  relied  upon,  the  question  of  immunity  from
levy  can  be,  and  in  most  if  not  all  of  the  cases  has  been,  raised
by  the  company  itself,  while  the  extent  of  the  protective  power  of
the  mortgage  concerns  only  the  mortgagee  and  the  levying  creditor.
A  discussion  of  the  first  class  of  cases  does  not  fall  within  the
legitimate  scope  of  a  treatise  dealing  with  the  rights  and  liabili-
ties arising  out  of  the  mortgage  contract  itself.
