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REAL ESTATE MORT. & GUAR. CORP. v. DISTRICT OF COLUMBIA

No. 8605.

141 F.2d 361 (1944)

REAL ESTATE MORTGAGE & GUARANTY CORPORATION v. DISTRICT OF COLUMBIA.

United States Court of Appeals District of Columbia.

Decided March 13, 1944.

Attorney(s) appearing for the Case

Mr. P. Michael Cook, of Washington, D. C., with whom Mr. L. Harold Sothoron, of Washington, D. C., was on the brief, for appellant.

Mr. Glenn Simmon, Assistant Corporation Counsel, of Washington, D. C., with whom Messrs. Richmond B. Keech, Corporation Counsel, and Vernon E. West, Principal Assistant Corporation Counsel, both of Washington, D. C., were on the brief, for appellee.

Before GRONER, Chief Justice, and EDGERTON and ARNOLD, Associate Justices.

EDGERTON, Associate Justice.

Petitioner was organized in 1923 for the purpose of lending money on real estate and dealing in notes secured on real estate. Until 1929 its entire income was derived from commissions, interest, and discounts. After 1929 it owned properties on which it had foreclosed. Nearly all its real estate was acquired by foreclosure. Its policy was to hold and rent hotels and apartment houses, but to dispose of private dwellings when it received...

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