First National Bank v. Stretcher

On July 15, 1927, the Morgan-Bushong Investment Company executed and delivered a mortgage or deed of trust to the Lumbermen’s Trust Company, as trustee, to secure an issue of 6 per cent serial redemption bonds, aggregating the principal sum of $500,000. These bonds are designated in the mortgage or deed of trust as serial redemption bonds and, under its terms, are redeemable serially on the 15th day of July of each year commencing with the year 1928 and continuing until 1947.

The mortgage or deed of trust provides for the resignation or removal of the trustee and the appointment of a new…