Listie Coal Co. v. Farmers National Bank

Berkey, P. J.,

The plaintiff, on Dec. 1, 1917, executed and delivered to The County Trust Company of Somerset, as trustee, a mortgage securing an issue of bonds; amongst others, the six bonds in controversy, providing that said bonds, inter alia, shall be applied to the following purposes only:

“A. To the purchase of fourteen hundred and thirty-seven (1437) acres, or more, of coal lands at such prices per acre as may be determined and authorized by the board of directors of the coal company.

“B. To the cost of opening and equipping mines on the premises of the coal company, upon which shall be…