Westchester Mortgage Co. v. Grand Rapids & Ionia Railroad

In May, 1906, John A. Van Rensselaer executed and delivered to James J. Phelan a note payable at Newport Trust Company, Newport, R. I., one year after date for the sum of fourteen thousand dollars, “ with interest thereon at the rate of ten per cent per annum, payable quarterly, in advance, until said principal sum is paid whether at or after maturity, all installments to bear interest at the rate aforesaid until paid.” As collateral security for the payment of the note Van Rensselaer assigned to the payee his interest in a trust fund established under the fifth t ause of the will of Frances…