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RECONSTRUCTION FINANCE CORP. v. NORTHERN TRUST CO.

No. 6695.

98 F.2d 555 (1938)

RECONSTRUCTION FINANCE CORPORATION v. NORTHERN TRUST CO. OF PHILADELPHIA et al.

Circuit Court of Appeals, Third Circuit.

July 11, 1938.

Attorney(s) appearing for the Case

Robert T. McCracken, C. Russell Phillips, and Edward G. Taulane, Jr., all of Philadelphia, Pa., for appellant.

Morris Wolf and Philip Werner Amram, both of Philadelphia, Pa. (Wolf, Block, Scharr & Solis-Cohen, of Philadelphia, Pa., of counsel), for appellees.

Before BUFFINGTON and BIGGS, Circuit Judges, and DICKINSON, District Judge.

DICKINSON, District Judge.

This case is sui generis. A mortgage is a conveyance. Its foreclosure merely gets rid of the mortgagor's equity of redemption. After foreclosure the trustee of the mortgage takes title to the real estate, clear of the equity of redemption, on the same trusts upon which he held the mortgage. He cannot get rid of this trust relation by repudiating it. The dismissal of the Appellant's Bill enables the trustee to do this very thing.

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