In re Prudence Co.

MANTON, Circuit Judge.

January 9, 1931, a bond and mortgage were executed and delivered to the Prudence Company, Inc., for the principal sum of $675,000, bearing interest at 6 per cent, on premises in the Borough of the Bronx, City of New York. July 30, 1931, the Prudence Company, Inc., assigned the bond and mortgage to the Prudence-Bonds Corporation, which in turn assigned them to the Bank of Manhattan Trust Company as depositary under a deposit agreement. By the terms of this agreement, Prudence-Bonds Corporation reserved the right to issue participation certificates representing undivided…