Reynolds v. Title Guarantee & Trust Co.

The defendant is the trustee named in a mortgage or deed of trust executed in 1904 by a corporation “ Dreamland ” to secure an issue of $750,000 “ mortgage and income bonds ” to become due on January 1, 1914. The bonds were registered bonds and under their terms were transferable by the holder thereof “ only in person, or by attorney duly authorized, upon the books of the trustee.” Each bond contained a term that “ This bond shall not be valid or obligatory until it has been duly authenticated by the certificate of the Title Guarantee and Trust Company as such Trustee endorsed hereon.” The…