Hood Ex Rel. Planters Bank & Trust Co. v. McGill

A bank, owning tbe land upon which tbe bank building was situate, closed its doors and tbe Commissioner of Banks took possession for purposes of liquidation by virtue of tbe statute. At tbe time of closing there was an outstanding mortgage securing an indebtedness of $25,000, all of which was unpaid and in default. Tbe mortgagee took possession of tbe real estate and collected tbe rents and thereafter tbe liquidating agent of tbe bank listed tbe real property for taxation. County and town taxes were duly assessed and subsequently tbe mortgagee duly exercised tbe power of sale and became tbe…