Fidelity-Philadelphia Trust Co. v. Hale & Kilburn Corp.

KIRKPATRICK, District Judge.

This is a suit in equity brought by the plaintiff as Trustee under a corporate mortgage executed by Hale and Kilburn Corporation, the first of the three defendants. The bill is to foreclose the mortgage, with the usual prayer for deficiency judgments. The defendants will be referred to respectively as follows: Hale & Kilburn Corporation — “H & K Corporation”; American Motor Body Company' — the “Body Company” ; Hale & Kilburn Company — “H & K Company.”

The question involved is whether a trustee for bondholders who has foreclosed a corporate mortgage against property…