Land Title Bank & Trust Co. v. Lemle

Finletter, P. J.,

The subject before us is the allowance, out of the fund realized by the foreclosure sale of the mortgaged property, of fees and expenses, incurred, in connection with the administration of the trust and the foreclosure, by the committee representing some of the bondholders of the issue hereinafter referred to.

The facts are that on March 1, 1923, the Philadelphia Company for Guaranteeing Mortgages executed, as trustee, its corporate mortgage securing an issue of $200,000 of its first mortgage bonds.

The trustee passed into the hands of receivers. A committee was formed to…