Central State Bank v. Commercial Building & Securities Co.

The Commercial Building & Securities Company was a corporation org*anized under the laws of the state of Iowa. From time to time, it issued bonds in series, designated by letter from A to H, inclusive, in the aggr eg ate sum or $673,000. which, at the time in question, were reduced to $488,000. A trust . _ _ . indenture was executed on July 21, 1920, in which Grant McPherrin and Ralph Plumb were named trustees. They were later succeeded as such trustees by the plaintiff herein, the Central State Bank. In this indenture they first declared the exercise of their corporate powers to issue and…