Bankers Trust Co. v. International Trust Co‪.‬

For a better understanding of the situation, we mention at this point, that in 1924, defaults in interest payments having occurred previously, a majority of the noteholders elected to foreclose the security. The original notes were surrendered to accomplish this purpose and after appropriate proceedings and the issuance of sheriffs deed to the defendant, it, as trustee, issued deposit receipts to former noteholders evidencing their proportionate interest in the foreclosed properties.