Pan American Petroleum Co. v. Chase Nat. Bank of New York

DENMAN, Circuit Judge.

This case comes up on appeal from a declaratory judgment entered in response to a separate complaint which was brought in the course of receivership and foreclosure proceedings. The facts, about which there is no material dispute, are set out in the pleadings. The trial judge incorporated the pleadings by reference in his memorandum opinion and treated them, together with the opinion, as his findings of fact.

In 1925, for the purpose of securing a $10,441,400 bond issue, Pan American Petroleum Company, a California corporation, executed a mortgage and deed of trust upon…