Prudential Ins. Co. of America v. Liberdar Holding Corp.

L. HAND, Circuit Judge.

The controversies which these appeals concern, arose in the following way: The New York Title & Mortgage Company had for many years been engaged in the sale and guaranty of mortgages. Among other forms of security which it issued were “Guaranteed First Mortgage Certificates.” These were created as follows: The company, being the mortgagee of many mortgages on separate parcels of land, would deposit a number of them in a pool with a depositary. Against each pool it issued certificates of different amounts to investors, by which-it purported to assign to the holder of…