In re People

Each outstanding certificate of the issue here involved contains a provision “ that the share or interest represented by this certificate is not subordinate to any other shares in said bond and mortgage and is not subject to any prior interest therein,” and also that “ the company for its own corporate account may acquire and hold similar shares or interest in said bond and mortgage.”

Unless these provisions were intended to place all the outstanding certificates on the same footing, even when held by the guaranty company, they are superfluous and meaningless. It is true that the certificate…