C. P. A. Company v. First Mortgage B. Co.

I am not in accord with the opinion of Mr. Justice Potter.

The issues are ruled by Union Guardian Trust Co. v. Building Securities Corp., on rehearing, 280 Mich. 717.

In point of law the purchase at the foreclosure sale was by the trustee and inured to the benefit of the mortgage bondholders. The corporation being the trustee could not purchase in any other capacity. At the sale, without possession of the mortgage bonds, the trustee was exercising power expressly delegated by the trust indenture and the power, so employed, carried with its exercise continuance of the trust and the trustee…