Page:Federal Reporter, 1st Series, Volume 6.djvu/115

 FARMERS' LOAN & TRUST CO. V. Q. B. & M. B. 00. 108 �that any of the bondholders may become purchasers of the mortgaged property at the foreclosure sale ; that the Bum of $25,000 shall be paid in cash at the time of sale, afid that the purchaser shall comply with his bid on the day of the sale; that "afterthe payaient to the marshalof the sumof $25,000 in cash, of the sum bid by the purchaser at said sale, the marshal may receive from said purchaser 'for the balance of the sum bid at such sale, in lieu of cash, any of the outstanding and unpaid bonds or coupons secured by the said first mort- gage, at such percentage of the face value thereof as this court shall at the approval of said. sale authurize and direct," Also, "that so much of the purchase inoney at said sale as shall be necessary to pay the costs of this suit astaxed', and the corfis and expenses of said sale, atid the amount hereby adjudged to be due to the said complainaiit and its solicitors, shall be paid in cash, and that the remainder of said purchase money may be paid in cash or in said first mortgage bonds, or such of faid second mortgage bonds as are by this decree held to be secured by said first mortgage in' i\ie proportion aforesaid." �1. It is claimed by the petitioner that, in varions particulars set forth in her petition, error and ambiguity are apparent in the decree ; and one of the allegations upon which this claim is founded is that "it appears on the face of the decree that a cash bid of $25,000 is not sufiicient to make valid and effectuai the terms of the decree, in this: that the said decree provides on its face that $850,260 of the second mortgage bonds given in exchange for first mortgage coupons, with the interest thereon, shall be a first lien and charge upon ail the property, real and personal, by said first inortgage conveyed, and to satisfy said $850,260 as a first lien, a sum of over $25,000 in money should and ought to be directed to be paid." This objection' to the decree is founded upoh a misapprehen- sion of its scope and meaning. The decree ddes not give to the $850,260 a rank in advance of the first mortgage bonds. It declares that second mortgage bonds of that amount were issued in exchange for interest coupons due upon the first mortgage bonds, and are, with interest, a lien under the first mortgage, and entitled to be proved under that mortgage and ��� �