90 Building & Loan Ass'n v. Allesandroni

Opinion by

Mb. Justice Schaffer,

Plaintiff is mortgagee in a mortgage for f14,000 made to it by Southern Title and Trust Company on December 2,1926. In 1927 tbe State Banking Department took possession of tbe Trust Company and proceeded to liquidate it. In tbe process of winding up its affairs tbe mortgaged property, wbicb was covered also by a prior mortgage, was sold under court order and realized $11,000 above both liens. As a result of tbe conversion of tbe company’s assets, sufficient was realized to pay in full all creditors wbo bad proved tbeir claims and a sum in excess of $8,000 was…