Hackensack Trust Co. v. Kelly

The complainant, as trustee, filed a bill for instructions concerning the payment of taxes in default on properties against which it held mortgage participation certificates. It was, by decree of this court, directed to pay the taxes out of the interest and principle payments collected by it on account of such mortgages. The mortgages which were held in trust by the complainant, had been granted by the North Jersey Title Insurance Company. The title company was unable to furnish the amount necessary to pay the taxes in arrears. The decree, among other things contained the following direction:

"…