Girard Trust Co. v. Avonmore Land & Improvement Co.

Citations

• 221 Pa. 52
• 70 A. 266
• 1908 Pa. LEXIS 433

Syllabus

<p>Corporation — Mortgage—Foreclosure—Equity —■ Jurisdiction — Act of May 4,1893, P. A 29.</p> <p>Where a mortgage or deed of trust of a Pennsylvania corporation empowers the trustee to foreclose upon a request of a majority of the bondholders, and a majority makes such a request, the trustee may file a bill in equity for foreclosure, and is not restricted to a scire facias at law. In such a case a court of equity has jurisdiction not only under its general chancery powers, but also under the Act of May 4, 1893, P. L. 29. The insertion of a power of sale in such a mortgage does not supersede the remedy of a foreclosure bill.</p>