Conaty v. Guaranty Loan Co.

This is a petition in equity whereby the Citizens Savings Bank as mortgagee, having paid certain taxes on the mortgaged real estate, now seeks subrogation to the preference of the city of Providence for these taxes against the general fund in the hands of the receivers of the respondent company. General laws 1923, chapter 64, sec. 3. The petition by its terms is based entirely upon such recovery as the bank would obtain in an independent law action against the receivers of the respondent company of payments made by it for taxes assessed against the mortgaged real estate, notwithstanding these…