Cloverdale Cotton Mills v. Alabama Nat. Bank

The appeal is from a decree overruling demurrers interposed to the bill filed by the Alabama National Bank, as trustee, for the foreclosure of the mortgage on the cotton mill plant of the Cloverdale Cotton Mills, and for appointment of a receiver to preserve and protect the property.

It is first objected that' the bonds, for the issuance of which the trust deed was executed, were pledged to creditors as collateral security only, and that foreclosure for their •benefit was therefore unauthorized, and that the collateral so pledged' should first be foreclosed. The Cloverdale Cotton Mills had a…