Union Guardian Trust Co. v. McBride

Under a bill in equity to foreclose a real estate mortgage securing negotiable bonds, intended to be certified and sold by the mortgagee, and in fact sold to the public, plaintiff asked for the appointment of a receiver, pendente lite, to collect the rents, as provided in the mortgage, on the ground that it was a trust mortgage within the purview of Act No. 228, Pub. Acts 1925 (3 Comp. Laws 1929, §§ 13498, 13499). Upon the hearing the court held it was not a trust mortgage, aud refused to appoint a receiver, and plaintiff prosecutes review by appeal.

We quote the following from the mentioned…