Elrae Corp. v. Bankers Trust Co.

The complainant files its bill alleging:

First. On December 17th, 1925, it purchased of the Central Corporation certain premises in Atlantic City, New Jersey, subject to a mortgage then of record in the amount of $50,000, made by one Garr et ux. et al. to George P. Proffatt and Katherine B. Proffatt, dated September 14th, 1923.

Second. That on December 4th, 1925, the Second National Bank of Atlantic City, New Jersey, and Joseph Thompson and Walter Hanstein, trading as Thompson Hanstein, notified the Central Corporation that said mortgage had been assigned by the Proffatts to Isidor Schmeidler…