Central Trust Co. v. New York City & Northern Railroad

Daniels, J.:

The action has been brought to foreclose a mortgage executed by the New York City and Northern Railroad Company to the Central Trust Company of the city of New York, to secure the payment of bonds of the railroad company in an aggregate amount not exceeding the sum of $4,000,000. The interest upon the bonds which were issued became due on the 1st day of May, 1882, and it was for the purpose of collecting that interest which has since *514remained unpaid, and foreclosing the mortgage and selling the mortgaged property, and out of the - proceeds paying the indebtedness, that this action…