American Brake Shoe & Foundry Co. v. Interborough Rapid Transit Co.

MACK, Circuit Judge.

Bankers Trust Company is trustee under an indenture by Interborough, pursuant to which it now has nearly $55,-000,000 of the Tnterborough 5 per cent, bonds as collateral securities for nearly $32,000,000 of its 7 per cent, coupon notes. These notes, dated September 1, 1922, matured September 1, 1932, shortly after the appointment of the receiver for the interborough. No part of the principal notes or of the September 1, 1932, interest coupons was paid at that time. Some earlier coupons are also outstanding. While they would have been paid, if presented at their respective…