Frobisher v. Tudor Corp.

Complainants are a committee holding $203,400 par value of mortgage bonds out of a total issue of $582,000. The suit is based upon a section of the mortgage which provides that if the mortgagor shall default in the payment of any sum by it to be paid, then the rents, issues and profits of the mortgaged premises are, from the date of such default, thereby assigned as further security, to the trustee for the bondholders. The bill prays that the mortgagor, the defendant Tudor Corporation, be decreed to account for the rents collected by it since default and to pay the same over to the trustee.…