Grand Beach Co. v. Gardner

MACK, Circuit Judge.

Bill to foreclose a mortgage deed of trust of the Grand Beach Company, given to secure an issue of its bonds, was filed in March, 1926, by Gardner, as trustee thereunder. The bill recited that in.addition to the mortgaged hotel property the mortgagor had pledged to the trustee its 880 shares of stock in Land Owners’ Association as further security for the bonds. Defendant Charles S. Abbott is alleged to be president both of the company and of the association, and as such president, by virtue of the company’s ownership of the pledged association stock, to control the…