In re Lawyers Title & Guaranty Co.

This is a proceeding under the Schackno Act for the readjustment of the rights of certificate holders in a mortgage of $98,000 covering the property at 323-331 East Seventy-first street, borough of Manhattan, New York city. These premises consist of five five-story cold water tenement houses, which are presently entirely vacant and which are structurally unsafe because they have been completely gutted. The mortgage has been foreclosed and the property bid in at the foreclosure sale.

*535The proposed plan is promulgated by the City Bank Farmers Trust Company and the National City Bank of New York,…