[DOWNLOAD] "Willard v. Kimball Et Al." by Supreme Judicial Court of Massachusetts ~ eBook PDF Kindle ePub Free
eBook details
- Title: Willard v. Kimball Et Al.
- Author : Supreme Judicial Court of Massachusetts
- Release Date : January 04, 1931
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
CROSBY, J. This petition for registration of title to land under G. L. c. 185, was filed February 17, 1931, by 250 Beacon St., Inc., a Massachusetts corporation, and relates to a parcel of land with the building thereon in the city of Boston. By motion, which was allowed, Philip G. Willard has been substituted for the original petitioner. The Judge found the following facts: Title to the land in question was acquired by 250 Beacon St., Inc., in 1925, and on January 15, 1926, the corporation executed a mortgage to secure a bond issue amounting to $500,000. The mortgagee was Harold A. Moore, of Chicago. He was named as individual trustee in the grant, the habendum and the power of sale. The American Bond and Mortgage Company was named as distributing agent for the bondholders. The mortgage, among other provisions, contained a power of sale in accordance with the statutes of this commonwealth. The bonds were serial bonds; the first series were to mature January 15, 1928, interest being payable on the total amount. On the same date as that of the first mortgage a second mortgage of $100,000 was executed to Snider and Druker. A building was erected on the land and was completed in the fall of 1926. In March, 1927, the mortgagor defaulted in the payment of interest, and Robert H. Davison, an attorney at law, on instructions from the individual trustee though without written power of attorney, made an entry in his behalf and took possession by reason of the default; a certificate of entry was recorded under the statutes on March 30, 1927. The building was in the hands of a firm of real estate agents, and the net rentals were paid over to Davison, the representative of the mortgagee in possession. From this income he paid the expenses of maintenance and arrears of taxes, and remitted the balance to the American Bond and Mortgage Company for the payment of interest to the bondholders. The income was not sufficient for the payment of the entire interest, but the company, which had sold the bonds, made up from its own funds the balance necessary to pay the entire interest until January, 1929. As default was also made by the mortgagor in March, 1928, in the payment of interest, and in the payment of principal of the first series of bonds, which had matured, a partial foreclosure in the Illinois form was attempted under the direction of the general counsel in Chicago for the mortgagee but against the advice of counsel resident here. A foreclosure deed dated March 31, 1928, was executed to one Fay for the consideration of $6,195, subject however to the first mortgage amounting to $494,000, and subordinate to the continuing lien of the first mortgage to that extent. Fay acted for the American Bond and Mortgage Company, and immediately executed the deed in blank which was retained by Davison. On the same date, March 31, 1928, the mortgagor corporation was dissolved by the Massachusetts Legislation by St. 1928, c. 273, the act being declared an 'emergency law' and operative as of that date. In December, 1927, Davison, for the benefit of the individual trustee mortgagee, had obtained from Snider and Druker an assignment of the second mortgage.