Armstrong County Trust Co. v. Freeport Water Works Co.

Opinion by

Mr. Justice Walling,

On April 1, 1921, the Freeport Water Works Company, chartered for the purpose of supplying water in the Borough of Freeport, Armstrong County, Penna., duly executed and delivered a mortgage to the Armstrong County Trust Company, in trust, to secure an issue of bonds to the par value of $250,000, maturing April 1, 1946, with interest payable annually on April 1st, of each year. Section 2 of article V of the mortgage provides, inter alia, “In case default shall be made (1) in the payment of the principal or of any interest on any bond or bonds hereby secured and…