Legal Opinion

Real Estate Trust Co. v. Pennsylvania Sugar Refining Co.

Supreme Court of Pennsylvania

Decided July 2, 1912No. Appeals, Nos. 206, 207, 208PublishedCited by 5 opinions

Appeals, Nos. 206, 207, 208, Jan. T., 1913, by Real Estate Trust Company, Thomas W. Synnott and Joseph R. Wainwright, from decrees of C. P.* No. 1, Phila. Co., March T., 1907, No. 1616, overruling exceptions to auditor’s report in case of Real Estate Trust Co. of Philadelphia, Trustee, Etc., v. Pennsylvania Sugar Refining Company. Trustee’s account of distribution of proceeds of foreclosure sale under corporation mortgage. A. M. Beitler, Esq., auditor.

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1Opinion of the Court

Opinion by

Mr. Justice Brown,

This appeal is from a decree distributing the proceeds of a foreclosure sale of the property and franchises of the Pennsylvania Sugar Refining Company. The sale was made by the trustee named in a first mortgage executed by the company to secure the payment of $3,000,-000 of coupon bonds. The seventh clause of article six of the mortgage directs that the net proceeds of the sale by the trustee shall be applied by it as follows: “First, in or toward payment, to the holders of unpaid bonds, pari passu, in proportion to the amount due to them respectively, and without…

2Cited by5 opinions

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Yocum v. Citizens National Bank, Pennsylvania Court of Common Pleas, Mifflin County1937