Stram v. Jackson

Plaintiff held a senior chattel mortgage, if valid, covering 100,000 baskets owned by the Ludington Basket Company, a corporation. Defendant held a junior mortgage covering the real estate and personal property of the basket company. Defendant filed a bill to foreclose his mortgage. A proceeding for dissolution of the corporation was also before the court. The court dissolved the corporation, appointed defendant receiver, directed the sale of its assets, found the amount due defendant on his mortgage, and decreed foreclosure:

“Provided, however, that the sale of the assets of the said…