Pacific Mail Steamship Co. v. Toel

Larremore, J.—On

December 29, 1866, an agreement was- entered into by the parties hereto respecting the steamships “Atlantic,” “ Baltic” and “ Western Metropolis,” in pursuance of which, on March 1, 1867, a mortgage was given to defendants’ firm upon said steamships, which mortgage contained a power of sale at public auction of either of said vessels, after notice of twenty days by advertisement in one *302or more public newspapers published in the city of New York.

The “ Baltic ” was sold by mutual agreement, and, default having been made in the payment of the mortgage, the “Atlantic” and “Western…