First Trust Co. v. Commonwealth Co.

WOODROUGH, Circuit Judge.

This suit in equity was brought by the trustee under a trust indenture securing $80,000 of bonds by mortgage upon the electric utility properties of the Commonwealth Company, a South Dakota corporation, serving the municipality of Britton, South Dakota. It was alleged that the defendant had defaulted in the performance of the conditions of article III of the trust indenture; that said default had continued for a period of in excess of sixty days prior to the commencement of the action, and that the trustee had on that account declared the whole of the principal and…