Title Guarantee Loan & Trust Co. v. Alabama By-Products Corp.

This is a bill of complaint by the Alabama By-Products Corporation, a corporation, against the Title Guarantee Loan & Trust Company, a corporation, in which it avers it has contracted to sell the mineral rights in some 4,200 acres and surface of some 200 acres of its lands, particularly described, at the price of $1,200,000, on which the defendant, as trustee, holds a mortgage or lien to secure an issue of first mortgage bonds, aggregating the principal sum of $5,000,000; and complainant seeks to have this trustee release this property from the operation of the mortgage upon the payment to it…