National Newark, C., Co. v. Durant Motor Co.

This suit to foreclose a mortgage securing bonds in the par amount of $770,000, duly proceeded to decree and sale. But no substantial bids were made, although the sale was several times adjourned. Finally, however, the master received a bid in a nominal sum, but containing an agreement that the bidder would cause a corporation to be formed to take title to the property, and that the corporation would secure by mortgage the fees and expenses of the trustee-complainant, its counsel and the receiver who had been appointed in the cause, and also that the corporation would issue "to the…