Pink v. Thomas

This is an appeal by defendants from the decision of the Appellate Division on a submitted controversy and an agreed statement of facts.

The mortgage was for $42,300. Certificates outstanding in the hands of the public aggregated $40,375. A certificate for $10*0 was reacquired by the company. The unsold portion at all times retained by the company was $1,825. By the stipulation it is conceded that the reacquired certificate was subordinate to the rights of the certificates outstanding in the hands of the public (Matter of Lawyers Title & Guaranty Co. [Forshay], 279 N. Y. 571). The question…