Baydrop v. Second National Bank, Tr.

BOOTH (JOHN RUFUS), J.

The plaintiffs in this action are holders of fractional mortgage notes secured originally by a mortgage providing by its terms that one Parker-Smith Company should act in reference to the interests of the plaintiff and others similarly situated as trustee, possessed of broad powers and subject to obligations as expressed in such instrument. Provision is made therein for the continuance of such trusteeship by the defendant in certain contingencies which have arisen, and it is conceded that the defendant now is the successor trustee as provided in said instrument.

The…