Monessen Bank Mortgage Pool Case

Opinion by

Mr. Justice Patterson,

Prior to the date of its insolvency a trust company issued certificates of participation in a mortgage pool, which certificates provided that they “shall have preference in payment of principal and interest as against that portion of the said mortgages in said pool which are held in the right of . . . [the] Trust Company”. After insolvency the Receiver issued a participation certificate representing the interest of the Trust Company in said mortgage pool. Are the holders of the prior participating certificates entitled to be paid principal in full with interest…