Polhemus v. Holland Trust Co.

Reed, V. C.

The Ellenville Gas Light Company of New York State, on September 5th, 1880, issued twenty-five bonds, par value $500 .•each, aggregating $12,500. These bonds were payable to one Terwilliger. To him was also made a mortgage upon the plant of the gas light company to secure the said bonds.

On August 31st, 1889, the gas light company entered into an agreement with the Holland Trust Company, by which a new and enlarged issue of its corporate bonds were to be made, and the old issue was to be withdrawn, by the substitution of new bonds for the old bonds. The new issue of seventy-five…