First Trust Co. v. Union Depot Place Ltd. Partnership

OPINION

PARKER, Judge.

First Trust National Association appeals from a judgment denying its request for instructions to disburse money in a reserve fund to the bondholders and instead ordering the trustee to pay for operating deficits and emergency repairs of a building it owns. We affirm.

FACTS

This case arises from consolidation of four cases involving commercial property in St. Paul known as the Union Depot Place. They include a declaratory judgment, a lease dispute, a mortgage foreclosure action, and a petition for trustee’s instructions.

In 1983, the Housing and Redevelopment Authority of St.…