Desmond v. Lanphier

From the statement preceding this opinion it appears that at the time (May, 1894) the trust deed, to foreclose which appellee filed her bill, was acquired by her, there was no existing bona fide debt of its maker, Bridge, or of any one else, secured by it. It and the note purporting to be secured thereby had, previous to that time, on different occasions, been used by Bridge as collateral to secure divers claims owing-by him, but when it passed into the hands of appellee the transfer was from Bridge and not from any one with whom he had hypothecated them or from any bona fide owner or holder.…