Hart v. Seacoast Credit Corp.

The bill is filed by the trustee in bankruptcy of the New Milford Transportation Company. The company was the owner of "consents" or franchises to operate auto buses, granted by the municipalities concerned and approved by the board of public utility commissioners pursuant to "An act concerning auto buses and their operation." P.L. 1926 p. 219. In 1927 the company mortgaged the franchises to defendant Weiler to secure the sum of $7,000. For some reason the following year another mortgage, covering the same property, was executed to secure the same debt. Neither mortgage has been approved by…