Fid. Union Tr. v. 75 Prospect

Complainant is the owner of a mortgage, created in 1928, on a co-operative apartment house in East Orange. Anna B. Salmond holds a long-term lease on one of the apartments which she took subsequent to, and with notice of, the mortgage. Stock in the corporation which owns the property, is held by Mrs. Salmond and all the other tenants in chief, in amounts proportionate to the value of their respective apartments. They pay rentals adjusted from time to time so as to cover expenses including amortization of the mortgage — a common co-operative plan. In 1938, Mrs. Salmond sub-let her apartment to…