The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-27
Judge Ritchie Signs Decree
Ordering Sale of Building
if Necessary.
FIFTY $1,000 BONDS ARE
SECURED BY MORTGAGE
Utah Savings 4 Trust Company
Has Lien ApproXimatipg
Sl0,l72.51.

Salt Lake CItys handsome YOUNG
Mems Christian association property al
First South and Stale streets will bc
sold under the hammer unless public
| spirited citizens of the city come to Tho
| rescue. Upon sppic9tio OF tic Utal
| Savings e Trust company as trustee
| District Judge Eitchie Wednesday slgnot
a decree forcclosins mortgages given tc
secure tho payment Of promissory notes
! executed following the associations bond
issue of $4,000 OF January /. 1909. ant
ordered the property sold ut sheriff.
sale 10 satisfy the indebtedness
The docrccS OF foreclosure with the
amounts arc iu favor of the following
Utah Savings & Trust company. si6. 81
costs and $3.50 attorney fees, with per
cent annual interest.
Utah Savings & Trust company. $40
1891, with per cont interest.
Channcey L. Overield, s3275,53, with
6 per cont intcrcat.
Chaunccy y. Overfled, s7542.7o. with
Z per cent interest, and 500 attorney
Total. SOL .6s64d.
Additional interest will increase this
amount considerably.
No Interest Paid.
The title of tho suit is the Utah Saw
ings &c Trust company against tho Y.
NJ G. A., Enos a. Wall, Chauucey r.
Overilcld and Walker Bros, bankers, de-
fondants, with w. V. Rice. Charles G..
Ilummer, Frank r.. Stephens. Edward V.
silver and William II. Tibbals inter
pleaded. The foreclosure judgment was
entered by default
The fifty bonds of $1,000 each issued by
the association in 1909 were payable
nual Interest. payable scmi-annually,
january ] and juno ] of each year. To
secure the bond issue the association,
December "a 1909, executed a mortgage
on Nri-, hnrn lrr-
crs of The bonds to benefit pro rata. il
the interest ON the bonds remained un-
paid for longer period than six months
at any time tho savings and trust COM =
pany. as trustee, had the right, upon
request of the majority OF the bond
holders. 10 forcclose the mortgage and
sell the property.
The decree finds that no interest has
been paid on forty-four of the bonds
since January l. 1907; on two since July
|. 1907, and on the remaining four since
July II. 1908.
Gnos A. wall, the owner of forty-six
OF the bonds, December Is, 1908, caused
the principal of the bonds TO be do
clared due and payable In the manner
the beginning of this action. January 10,
1909. the association paid 10000 of the
bonds, leaving $40. 1872 principal and in
terest,
Gives Promissory Note.
The association, November 10. 1907,
gave Oyeriicld It's promissory note for
s12 l7T7o. payable in a year. with 81
per cent interest. and 10 secure the pay
ment of the note executed a mortgage
The court found that there is owing ON
this note $375.53. Another note. for $1,000.
was made In favor OF Overfeld by the
association. September II, 1907, bear
men who now appear as interpeaders.
There is owing on this note. the court
found, s7542.7O, principal and interest.
The Utah Savings 6 Trust company
property. the decree says. to the amount
OF $40. 472.61 with attorney fees. and
Overfield has a valid mortgage lien to the
extent of s3275.5S and s7542.7O, or s1o,-
S1S.23.
The decree provides that the purchaser
Is entitled TO possession on sheriff's
1ce5