Land Title Bank & Trust Co. v. Baron

Opinion by

Mr. Justice Patterson,

This appeal is from a decree, entered by the court below in a proceeding instituted by a bill in equity to foreclose a mortgage, directing the subordination of certain guaranteed bonds, comprising part of a series the mortgage was given to secure, which were pledged with the indenture trustee as collateral security for loans made by it to the guarantor, the fund realized from the sale of the mortgaged premises being insufficient to pay all bonds in full.

Frank Seitchik, appellee, is the holder of two Class “A” participating bonds secured by a mortgage upon the…