American Loan & Trust Co. v. Central Vermont R.

WHEELER, District Judge.

This bill is brought and filed, as an independent proceeding, upon a mortgage which is first upon a part of the defendant’s railroads and property, and second as to part, and which provides, as is alleged, that:

“If default be made in the payment of any installment of interest upon, or the principal of, any of the bonds secured by this mortgage, when the same is payable, and such default shall continue for six months after due demand, the trustee is authorized, in its discretion, to enter upon and sell at public auction in the town of St. Albans, Vermont, after notice…