The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-08-17
RECEIVER
FOR HAMA
Maui Plantation Is
Declared In
solvent.
Foreclosure Action Is
Filed by the Mort
gagees.
Mortgage is $50. 900 and DEBTS
Amount TO 100000
More.

Half a million dollars are involved in
foreclosure proceedings filed by Sig
mund Grinbaum and Chas. Atschul
against the Hama Plantation Company
Con Maud, NJ S. Grinbaum & Co. Col
Hono1ulu), and the Union Trust Com
pany (of San Francisco). The papers
were filed for service yesterday.
The mortgage Indebtedness, on which
the action is based, is $4,000, and
plaintiffs aver that the plantation COM
pany is insolvent and has debts amount
ing 100000 which it IS unable to pay,
A receiver is asked for.
The. complaint sets forth that the
Hama Plantation was Incorporated I'M
der the laws of the State of California
in November, 1887. That on December
II, 1894, the respondent being DESTROYS
of raising funds for the purpose of its
business duly authorized the issue and
has issued and disposed of mortgage
bonds to the amount of $4,000 of the
denomination of $1,000 each, all dated
January 2, 1906, and bearing interest at
the rate of e per cent per annum, pay
able semi-annually on July and Janu
airy I of each year and six of the said
bonds being payable on the first day of
July of each of the following years:
1895, 1896, 1897, 1893 and 1900, and
fifteen bonds payable on July 1 of each
of the years from 1900 to 1907 inclusive.
On December II, 1894, the respondent,
for the purpose of securing of the pr1n-
cipal and interest Of said bonds at the
time when they became due and pay
able, conveyed to the compliments first
all the tracts of land in Hama compris-
ing and known as Hama Plantation and
its appurtenances, and second the prop
terry, real and personal of every kind of
the said plantation and all other rights,
interests and franchises vested or con-
tingent of said corporation upon trust
and for the use of any person, or per-
sons, who should become the holders of
said bonds secured by the said indenture
of mortgage or any of them, subject
nevertheless to the proviso for redenlp-
ton upon payment by the respondent to
the holders of the said bonds and each
and every one of them of the sums of
money TO be paid by the said bonds and
the interest coupons attached thereto or
to grow due thereon at the place and
times and in the manner set forth IN the
bonds.
That the conveyance of the said prop
lerty by said respondent TO the COM
claimants was made subject to a mort
gage or deed of trust dated March 8,
1890, made by the respondent to Mar
ion -oventritt and Charles Altschul,
which mortgage provided that on pay
ment of the moneys intended to be
thereby secured the said mortgage should
| be void that all of the moneys in ques-
ton have been paid and the mortgage
has been cancelled as appears by deed
dated Feb. 2S 1900
| That the said indenture of mortgage
! dated December II, 1894 is a voted in
cumberance on the property therein de-
scribed and thereby conveyed and is
now first lien upon all that property,
! That the property subject to the in
denture of mortgage consists of lands,
Entertainments and leaseholds and also
of a sugar mill, railway. rolling stock,
horses, mules, etc, and also of the crops
of sugar cane now growing on said
lands
That some of the lands are under
lease to sundry tenants and that the
rents are from time to time becoming
due and that the other lands are used
by respondent in the conduct of the
plantation.
That the respondent is indebted to
divers other persons III the sum not
less than 100000, all of which is pres
emily due. and that the respondent is
without funds to pay said debts or to
carry on the said plantation or its bust
ness.
That the respondent is insolvent
That in consequence of Indebtedness
and lack of funds the respondent is neg
lecting TO cultivate arabic lands and
has ceased to carry on the plantation
except so far as is necessary to care
for the crop now growing, which will
mature in 1905, with the view of har-
vesting and milling same and disposing |
of the product
That the property subject to the mort |
gage is Inadequate to satisfy the amount
secured and that it is deteriorating in |
value on account of neglect
That the complainant is informed
NJ s Grinbaum & Co, Ltd. claim to |
have some interest or lien on all the |
personal property of the Hama Planta |
ton Co. which lien is inferior to the
lien OF complainant.
Wherefore the complainant prays:
That the respondents be directed to
appear in court 10 answer tbut not TN
der OATH all and singular the prem-
Uses
That the mortgage OF December u,
1894. be decreed first lien on all the
property described in said mortgage
That an account be taken OF the