Smith v. Massachusetts Mutual Life Ins.

(dissenting).—The postulate upon which the conclusion of the majority opinion rests is the statement that “under paragraph 5 of the trust deed” the Trustee, G. L. Miller Bond & Mortgage Company (subsequently named Marion Mortgage Company), had. express authority to “purchase the encumbered property at the foreclosure sale and that its receipt should be sufficient to dischargé any purchaser for his purchase money. This provision contemplates' that the trustee, if it purchased at all, should purchase for the bondholders at such judicial sale.” “If, as was expressly provided, the trustee was…