National City Bank v. Cleveland & Buffalo Transit Co.

This controversy is submitted upon a stipulated set of facts, pursuant to sections 546 and 547 of the Civil Practice Act. The plaintiffs are trustees under a trust deed given to secure an issue of bonds owed by the defendant The Cleveland and Buffalo Transit Company which owns the land and other properties covered by the trust deed. There has been a default in payment of interest on the bonds since February 1, 1932, but no foreclosure suit has been begun and no receiver appointed. On February 2, 1932, the city of Buffalo blocked off the street abutting the real property of the defendant The…