Keystone Coal Co.'s Trustee

Citations

• 225 Pa. 243
• 74 A. 64
• 1909 Pa. LEXIS 642

Syllabus

<p>Trusts and trustees — Trustee in corporate mortgage — Appointment— Equity — Acts of June 14, 1836, P. L. 628, and June 16, 1836, P. L. 784.</p> <p>1. Where a vacancy occurs in the trusteeship of a corporate mortgage, and the mortgage provides no method of filling the vacancy, the proper proceeding to secure the appointment of a successor to the former trustee is by bill in equity under the Act of June 16, 1836, P. L. 784, which gives to the several courts of common pleas the jurisdiction and powers of courts of chancery, and specifically confers upon them power to control, remove, discharge and appoint trustees generally.</p> <p>2. A trustee in a corporate mortgage being the mere repository of the title to the mortgaged property is not such •& trustee as is contemplated by the Act of June 14, 1836, P. L. 628, which relates solely to assignees for the benefit of creditors and other trustees performing active duties under the immediate control and direction of the court of common pleas.</p>