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eBook details

• Title: Hallett Et Al. v. Moore
• Author : Supreme Court of Minnesota
• Release Date : January 04, 1933
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 70 KB

Description

RUGG, Chief Justice. This is a suit in equity brought on June 10, 1931, by a committee for the protection of holders of mortgage bonds of the aggregate face value of $1,200,000 originally secured by a first trust mortgage on real estate in Brookline -- both bonds and mortgage having been executed by the Pelham Hall, Inc., and the bonds having been sold through American Bond & Mortgage Company -- against the defendant both as an individual and as trustee under the mortgage. The object of the suit is to obtain an accounting for the proceeds of a foreclosure sale held by the defendant under the mortgage. It is alleged in the bill that the plaintiffs are owners of more than nine tenths of the entire issue of bonds so secured; that the mortgagor has defaulted in the performance of many covenants contained in the mortgage; that after such defaults the defendant as trustee, in accordance with the terms of the trust mortgage, has taken possession of the real estate covered by the mortgage and has sold it at public auction and has received therefor $450,000; that the bonds are wholly unpaid, and that the amount thus received is in the hands of the defendant for retable distribution among the holders of the bonds after deduction of certain costs and expenses, all as provided in the mortgage; and that the bill is brought in behalf of the plaintiffs and such other holders of the bonds as may care to become parties plaintiff. The prayers are for an accounting and for distribution ratably of the amount in the hands of the defendant among holders of the mortgage bonds, and for further relief. The defendants answer admits most of the allegations of the bill, but avers that he is entitled to retain expenses for foreclosure of the mortgage amounting to $7,346.42, and sets up in some detail claims for reimbursement out of the fund in his hands for sums aggregating $181,500 advanced by him as trustee in order to complete the building contemplated by the mortgage, which sums with interest are averred to be due to him under the terms of the mortgage in priority and paramount to the amounts due to the holders of bonds.

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