Tannenbaum v. Seacoast Trust Co.

Buchanan, V. C.

The cause or proceeding pending in this court under the above title or caption, is the administration of a trust.

About January 1st, 1923, the Seacoast Trust Company of Asbury Park, undertook to, and did, issue and sell to investors its bonds or obligations designated as “Guaranteed First Mortgage Participation Bonds,” in certain denominations, bearing interest at 5%%, the same being primary obligations of the Trust Co., both as to principal and interest. The payment of the principal and interest was to be, and was, secured by the deposit and pledge with trustees appointed by…