United Construction & Development Corp. v. Pontiac Apartment Corp.

This is a suit brought to set aside a lease made to collect delinquent town taxes. The parties will be designated as they were in the trial court.

On August 1,1926, the Atlantic Shore Land and Improvement Corporation was the owner of an apartment house in *417the town, of Virginia Beach, and then executed to the Citizens Bank of Norfolk, trustee, its deed conveying that property in trust to secure a debt of $45,000.00, evidenced by certain negotiable promissory notes. To meet these notes as they came due and certain other charges, including taxes, the grantor agreed to deposit with the Guaranty…