Chase National Bank v. Manila Electric Co.

Plaintiff’s predecessor, under a certain trust indenture dated September 24, 1903, supplemented by indenture dated January ], 1922, became trustee for bondholders of cor*485porate predecessors of some of the defendant corporations. Originally $5,000,000 of such bonds were.issued, of which $990,-000 remain outstanding, $4,010,000 having been acquired by the trustee with funds obtained by reason of sinking-fund provisions. Thereunder the obligor was required from March 1,1918, to pay to the trustee one per cent of the entire issue, or $50,000 annually, this sum and the interest on the bonds already…