Hayes v. Ross

The pertinent facts in this case are as follows: Principal defendant Ross on March 24, 1922, gave to garnishee defendant Realty Trust Company a trust mortgage to secure a bond issue of $100,000 on lands upon which there was then being erected the Kenmoore apartments. On the same day he borrowed of the Federal Discount Company $50,000 and hypothecated the bonds as security for that amount and future advances, and an interim certificate was issued to take the place of the bonds, which had not then been printed. On April 6th following, he gave to Ralph Appelman a second lien on the bonds for…