Northwestern Trust Co. v. St. Paul Southern Electric Railway Co.

Appeal from an order of the district court denying certain alleged rights of claimant in a receivership proceeding.

The St. Paul Southern Electric Railway Company, a Delaware corporation, hereinafter called the company, executed a mortgage or trust deed in favor of the Northwestern Trust Company as trustee'in 1918. This mortgage covered all of the property of the company. Three hundred and sixty thousand dollars of the mortgage bonds were issued under said trust of which $298,200 were sold and disposed of by the company. The mortgage provided that it and the interest of the first mortgage…