Bailey v. Groton Mfg. Co.

The Groton Manufacturing Company, a corporation, is now and has been for some years past in the hands of a receiver, appointed by the Court of Chancery upon the application of certain of its creditors. The Woodsville Guaranty Savings Bank, hereinafter called the petitioner, a creditor holding mortgages upon the real estate of the insolvent corporation, was made a party defendant in the receivership proceedings, and filed its cross bill seeking a foreclosure, alleging an insufficiency of the security and praying by way of affirmative relief that, upon failure to redeem within the alloted…