In re Prudence Co.

MANTON, Circuit Judge.

The trust agreement under which the appellant is trustee secures bonds of the Prudence-Bonds Corporation called the Fourteenth Series, for $4,658,500, now outstanding by deposits of collateral. The debtor is the guarantor of the bonds under this trust agreement, and pursuant to the terms of, the guaranty it was given the agency to manage and service the collateral. The debtor was not a party to the trust agreement, nor was it the owner of any of the collateral pledged by the Prudence-Bonds Corporation thereunder. The rights of the debtor to manage and service the…