In re Lawyers Title & Guaranty Co.

This is a proceeding under the Schackno Act for the readjustment of the rights of certificate holders in the mortgage on the property known as 120 West Fifty-eighth street, issued and guaranteed by the Lawyers Title and Guaranty Company.

The proposed plan provides, among other things, for the obtaining of new capital in order to pay taxes, assessments, water rates and foreclosure expenses, which may be secured by a mortgage to which the present mortgage may be subordinated. In view of the fact that no lender has as yet been obtained and that no definite terms of a loan have been fixed, the…