Guaranty Trust Co. v. York

In Russell v. Todd, 309 U. S. 280, 294, we had “no occasion to consider the extent to which federal courts, in the exercise of the authority conferred upon them by Congress to administer equitable remedies, are bound to follow state statutes and decisions affecting those remedies.” The *100question thus carefully left open in Russell v. Todd is now before us. It arises under the following circumstances.

In May, 1930, Yan Sweringen Corporation issued notes to the amount of $30,000,000. Under an indenture of the same date, petitioner, Guaranty Trust Co., was named trustee with power and obligations…