Union Trust Co. v. Ward

The only question arising upon these two appeals is whether a valid sale of real estate can be made under a mortgage deed of trust until a bond has been first filed by the trustee.

The Arling-Brooke Real Estate Company, owning two hundred acres of unimproved land within the limits of Baltimore City, executed such a deed of trust to the Union Trust Company of Maryland, to secure an issue of bonds to the amount of $600,000, the proceeds of which were to be used in paying for and developing said real estate. The Trust Company accepted the trust, and bonds were issued and disposed of accordingly.…