Barbano v. Central-Hudson Steamboat Co.

SWAN, Circuit Judge.

Central-Hudson Steamboat Company, a New York corporation, in 1899 executed a first mortgage upon all its property to secure 500 5 per cent, bearer bonds of $1,000 each, maturing May 1,1919. For convenience, this will be referred to as the first mortgage. In 1913 the steamboat company executed another mortgage upon all its property, also designated as a “first mortgage,” although expressly made subject to the lien of the 1899 mortgage. The 1913 mortgage will hereinafter be called the refunding mortgage. The refunding mortgage was to secure 750 5 per cent, bearer bonds of…