In re the Rehabilitation of New York Title & Mortgage Co.

The certificates of this issue provide that “ there shall be no preference or priority in favor of any share or certificate of interest in the said bond and mortgage, as against any other share or certificate of interest, whether held by the company or by any other holder; but each share shall participate equally with every other share in the said bond and mortgage and in the proceeds thereof, in accordance with the terms of this certificate.” (Italics the court’s.)

This language places shares which are not represented by certificates on a parity with those which are. As the court pointed out *197i…