People ex rel. Westbrook-Buffalo, Inc. v. State Tax Commission

On December 9, 1935, there was recorded in the Erie county clerk’s office a document which by its own terms was designated as a “ mortgage indenture,” dated November 1, 1935, between Westbrook-Buffalo, Inc., and the Continental Bank and Trust Company of New York. It recited that the mortgagee had authorized an issue of bonds aggregating $707,500 in principal amount to be known as its fifteen-year income bonds, and the principal of and interest on these bonds were to be secured by the execution and delivery of this mortgage. The bonds contained a promise on the part of the mortgagor to pay the…