Herring v. N. Y. Lake Erie

April, 1887.

[Affirming 63 How. Pr. 497]

1. Foreclosure of corporate mortgage.] In an action to foreclose a cor- ' porate mortgage, it is within the province of the court to deter- ’ mine what property was actually embraced within or subject in 1 express terms or by subrogation or any other equitable principles, ■' to the mortgage foreclosed.

2. The same; adjudication as to property covered by mortgage.] On that point the judgment in the foreclosure action is conclusive upon •’ every one, including the unsecured creditors of the corporation, even though they were not necessary or proper parties…