Salt Lake Telegram | 1938-11-22 | Page 14 | Foreclosure Asked by RFC

A FOREClOSURE ASKED BY J i A suit seeking foreclosure and sale sale of r real al estate and property and trade rede mark and corporate name of the J. J G G. McDonald Chocolate company company com com- pany pany ny had been filed in U. U S district district dis dis- court Tuesday by the Reconstruction Reconstruction Reconstruction Recon Recon- Finance corporation to settle fettle settle a claim of j J. J J G. G McDonald and the the Utah tah State National bank are named codefendants co- co defendants def defendants J t The debt was was incurred the petit petition petition peti peti- t tion stated by two notes given the RF C by the company o in September 1934 1934 and in November November 1935 The first first I note noie was vas for at 6 per perr j r Cent and the s' s second cond for at G per cent i T The e petition signed by W. W Q Van Cott att tt R F C attorney lists security fi a s two two mortgages on real estate and ir- ir personal property of the company f a a life insurance insurance- policy on j. j the life of J. J G. G McDonald receivable receivable able le accounts of assign- assign fuents merits of the firms firm's registered trade trademark trademark C mark ark and its c corporate te name The petition further states that n on November 26 1935 Mr McDonald McDon McDon- v- v ald vaid aid id offered as further security shares of the company's common stock delivered a guarantee of the debt to the firm and assigned his interest in the life insurance policy l The It F C asks its m mortgages to tob tobe tobe b be held heId prior and superior to mortgages mortgages mortgages mort mort- gages held on the company by the Utah State National bank and nd that mortgages pledges and liens now h held Id as security by the R F C be besold besold besold sold at public auction A deficiency j judgment also is asked if the proceeds proceeds pro pro- eds of the sale fail to satisfy the claim 1 im of the government corporation corporation corpora corpora- t tion on