Farrell v. Livingston Apartments, Inc.

Henninger, P. J.,

— Plaintiffs, suing for themselves and all other bondholders, are the holders of $12,000 in face value of bonds which matured on November 1, 1949, and which were part of a $194,000 issue secured by mortgage on defendant, Livingston Apartments’ apartment house of which bond issue defendant, Allentown National Bank, is the trustee.

According to the bill of complaint, $4,000 in bonds have been paid off, $168,000 have by agreement of the holders had their maturity date extended by 20 years in consideration of increase in the guaranteed interest rate from four to four and one-half…