In re People

The Title and Mortgage Guarantee Company of Buffalo, hereinafter, for the sake of brevity, called the mortgage company, was organized under and pursuant to article 5 of the Insurance Law. Its business was that of selling to the public so-called “ guaranteed first mortgage certificates ” which were secured by underlying bonds and mortgages deposited with a bank, called the “ depositary,” as security for the payment of the certificates. A typical certificate provides that the mortgage company —“ in consideration of $2,000 paid to it, the receipt of which is acknowledged, hereby assigns to the…