Austin-Nichols & Co. v. Union Trust Co.

Opinion by

Mr. Justice Sadler,

The Sullivan Pocahontas Coal Company was the holder of more than sixty per cent of the stock of seven mining concerns located in West Virginia. To carry out its operation large financial resources were required, and to raise the necessary funds a mortgage was executed with bonds to the amount of $1,200,000, in which the Union Trust Company of Pittsburgh was named as trustee, the stock of the subsidiary companies and other' assets being deposited as security. The mortgagor covenanted that it would keep in good repair the various properties, and provide for the…