Girard Trust Co. v. McKinley-Lanning Loan & Trust Co.

J. B. McPHERSON, District Judge.

The McKinley-Eanning Loan & Trust Company (hereinafter called the “Mortgage Company”) is a Pennsylvania corporation, and was engaged in the western farm mortgage business upon the well-known plan of issuing debentures, these being secured by' mortgages deposited with the Girard Trust Company as trustee. The mortgage company fell into financial difficulties several years ago, made repeated and continued defaults in meeting its obligations, and was finally brought into this court by a creditors’ vbill in which Lucius B. Goodyear, a debenture holder, was the…