Smith v. Massachusetts Mutual Life Ins.

Briefly stated, the most sharply controverted question involved in this case is whether the trustee, named in a corporate trust deed or mortgage securing a bond issue, was, under the terms of such trust deed, or by order of court, expressly or impliedly authorized to represent the bondholders in matters affecting the enforcement of the security and the administration and protection of the trust property to the extent of placing a new mortgage on the property, after buying it in at the foreclosure sale under the trust deed, for the purpose of paying the costs and charges set forth in the…