Bell v. Scranton Trust Co.

Opinion by

Mr. Justice Walling,

On March 1, 1906, the Rohr McHenry Distilling Company (herein called “the company”), a corporation located in Columbia County and engaged in the manufacture and sale of whiskey, executed a first mortgage to the Fidelity Trust Company, of Philadelphia, to secure an authorized issue of $750,000 of bonds, of which $445,-000 par value were issued. The mortgage was a first lien on the company’s real estate and the bonds issued thereunder were further secured by United States gauger’s certificates, called “warehouse receipts,” placed in the hands of the trustee, for…