Farmers' Loan & Trust Co. v. New England Waterworks Co.

Citations

• 137 F. 729
• 70 C.C.A. 163
• 1905 U.S. App. LEXIS 4194

Syllabus

<p>COBPOBATIONS—MORTGAGES—FORECLOSUBE — INCOME — APPLICATION — FISCAL Agents.</p> <p>Where the income from certain waterworks companies, paid to its fiscal agents, was sufficient to pay installments of interest or coupons on prior mortgage debts, but such agents misapplied such income to the payment of a subsequent lien, they were not thereafter entitled to hold such coupons or installments of interest as outstanding debts under the mortgage lien, to the prejudice of bondholders.</p>