MINTON, Circuit Judge.
The Midwest Athletic Club was organized under the laws of Illinois as a nonprofit corporation on January 2, 1924. The corporation built a thirteen story clubhouse on the west side of Chicago with club facilities, 171 hotel rooms, and commercial rental space. A first mortgage was placed on this property to secure a bond issue of $1,200,000 with the Chicago Title and Trust Company as indenture trustee. In 1930 a suit in which other lienholders...
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