Speers Sand & Clay Works, Inc. v. American Trust Co.

This is the second appeal in a suit for the foreclosure of a mortgage. On the first appeal, we held that the trustee had properly exercised its discretion in applying for foreclosure, but that, under the peculiar circumstances of the ease, a decree was premature which ordered a sale in advance of the ascertainment of the indebtedness secured. The ease was remanded with directions that the District Court ascertain what bonds were legally issued and outstanding, and this was the only question in the case left open for decision. Speers Sand & Clay Works v. American Trust Co. (C. C. A.) 20 F.(2d)…