Manufacturers Trust Co. v. Roanoke Water Works Co.

In April, 1937, the city of Roanoke instituted condemnation proceedings under the provisions of chapter 176 of the Code of Virginia against the Roanoke Water Works Company (hereinafter called the Water Company) to acquire its entire water works system. The property sought to be condemned was covered by a first lien mortgage from the Water Company to Chatham Phenix National Bank and Trust Company, as trustee, securing bonds issued and outstanding in the principal sum of $3,362,800, dated July 1, 1925, maturing July 1, 1950, and bearing interest at the rate of five per centum per annum, payable…