Equitable Trust Co. v. Katz

This is an appeal from a moratorium.

A trust mortgage upon an apartment building was executed in 1925, to secure bonds amounting to $95,000. In October, 1931, a bill to foreclose the mortgage was filed and, at that time, $62,000 of the bonds were outstanding. Final decree was entered in October, 1932, the foreclosure sale was held in February, 1935, and the property purchased by the members of the bondholders’ protective committee for the sum of $46,500, that being approximately 75 per cent, of the principal amount of the bonds outstanding. The foreclosure sale was confirmed by order of the…