Matter of Morgan

The petitioner, Arthur J. Morgan, is the holder of participation certificates in a mortgage upon premises in the borough of Manhattan. The mortgage bears interest at the rate of six per cent and requires the mortgagor to pay installments of principal to amortize the mortgage indebtedness. The certificates were issued by New York Title and Mortgage Company. They define the contractual relations between the holders and the mortgage company. These certificates provide among other things that the company guarantees “ payment of interest at the rate of 5| per cent per annum, when the same shall…