Central Trust & Savings Co. v. Chester County Electric Co.
Court of Chancery of Delaware
Objections to Confirmation of Sale Made in a Suit to Foreclose a Mortgage. Pursuant to an order of the Chancellor, William M. Hope, receiver of Chester County Electric Company, one of the defendants in this suit, sold the mortgaged property and made return thereof, and notice was given by newspaper advertisement that objections to the confirmation of the sale should be filed on or before Monday, September 26th, 1910, and be heard on October 3rd, 1910. Confirmation of the…
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Objections to Confirmation of Sale Made in a Suit to Foreclose a Mortgage. Pursuant to an order of the Chancellor, William M. Hope, receiver of Chester County Electric Company, one of the defendants in this suit, sold the mortgaged property and made return thereof, and notice was given by newspaper advertisement that objections to the confirmation of the sale should be filed on or before Monday, September 26th, 1910, and be heard on October 3rd, 1910. Confirmation of the sale was objected to by Elisha W. Meloney, on' the ground of inadequacy of price, and the matter was heard on said…
1Opinion of the Court
The Chancellor:
William M. Hope, the receiver, who, as one of the defendants, was appointed to make the sale under the decree of foreclosure of the mortgage, accepted from the Central Trust and Savings Company, trustee, a bid of $10,000; it being the only qualified bidder at the sale. Objection to *125the confirmation of the sale is taken by a holder of bonds of the company upon the ground of gross inadequacy of price; he alleging that the property sold is worth upwards of $30,000, and that there was probably an unnamed purchaser who would bid $20,000 at a resale. In answer to this the purchaser…
2Cases cited2 opinions
- Rogers v. Rogers Locomotive Co.New Jersey Court of Chancery · 1901
- Fidelity Trust & Safety Vault Co. v. Mobile St. Ry. Co.U.S. Circuit Court for the District of Southern Alabama · 1893
3Cited by7 opinions
- Soliman v. Spencer (In Re Spencer)District Court, D. Delaware · 1990
- Bovay v. TownsendCourt of Appeals for the Eighth Circuit · 1935
- Girard Trust Bank v. Castle Apartments, Inc.Superior Court of Delaware · 1977
- Cosmopolitan Hotel, Inc. v. Colorado National BankSupreme Court of Colorado · 1934
- Bovay v. TownsendCourt of Appeals for the Eighth Circuit · 1935
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