Bonner v. Suiter

PHILLIPS, Circuit Judge.

The Waddell Investment Company1 held first mortgages on certain tracts of land embraced in the estate of J. S. Mullen, bankrupt. W. M. Bonner held a second mortgage on these tracts of land. The bankruptcy court ordered the lands sold free of liens. The order of sale provided that the purchaser might assume the amounts due on the Waddell mortgages in lieu of paying such amounts in cash. It further provided that the fees of the referee and trustee and compensation for the attorneys for the trustee should be paid out of the proceeds of the sale and the balance remaining…