Howell v. Bartlett

Pee Cueiam.

The issue framed by the pleadings was whether appellant New Brunswick Trust Company is entitled, as the holder of the unissued and reacquired bonds, to share pro rata with the holders of the outstanding bonds in the proceeds of the collateral security; and we concur in the view of the learned vice-chancellor, as expressed in his opinion and embodied in the decree, that the obligation of the named Trust Company, as the maker of the bonds, was “primary and direct,” and that, notwithstanding the plan of reorganization adopted in pursuance of what it conceived to be the power bestowed…