Union Guardian Trust Co. v. Building Securities Corp.

Further light, developed on the rehearing, has convinced me that our former opinion (ante, 144) is wrong. I concur with Mr. Justice WIEST in affirmance of the decree.

The principal issue is whether that part of the decree is in error which permits plaintiff, as trustee, to purchase the premises upon foreclosure sale without producing bonds or paying cash to cover the bid.

The authorities are in conflict upon whether, without provision in the trust instrument therefor, the court, on foreclosure, may authorize the trustee to bid at the sale, hold the property in trust, and dispose of it, for all…