Eicher v. Baird

The defendant Baird was debtor to the plaintiff and others, and was such on the 19th day of September, 1924. On that date he was owner of two notes, for $3,000 each, which were inadequately secured by a second mortgage upon real estate. On the date named, he transferred to the defendant Morrison, as trustee, the said notes, by written assignment thereof, and by a written instrument of trust, reciting the purpose for which the assignment was made. Said trust agreement specified the application to be made by the trustee of the proceeds of the notes, if and when collected, as follows: First, to…