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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 2, Page 503   View pdf image (33K)
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CONKLING VS. WASHINGTON UNIVERSITY. 503
been agreed with the said persons to be secured in the manner
and in the event hereinafter stated." Here follows the form of
the certificate to be issued to the contributors, and by which
they were to be identified. Each certificate being for the sum
of $60, "part of the sum of fifty thousand dollars mentioned
in and secured by means of the deed of trust executed by the
Washington Medical College of Baltimore on the 24th of July
1835." "The said sum of $60 to be entitled to a dividend pro-
portioned to its amount when the same shall arise payable
semi-annually, &c., by the treasurer for the time-being of the
college." "The said sum of $60 to be accepted by the party
to whom the certificate is issued, or his assigns, in discharge,
and extinguishment, to the extent of said sum, of said deed of
trust, and his claim to, or interest in said deed of trust, and the
benefit thereof, and of said piece of ground, and premises,
thereby'conveyed, when tendered at any time after the 4th day
of July, 1845, by the grantor aforesaid, of said trust, or their
assigns," &c.
The trusts of this deed are, first, that the grantor shall be al-
lowed to hold, occupy and use the property, and receive the
rents, issues and profits thereof, until sold and disposed of, as
in said deed is afterwards mentioned. Second, "that if the div-
idends stipulated in the certificates to be paid, shall be in arrear
and unpaid, for the space of one whole year, from the dates
thereof respectively, that then it shall be lawful for the grantees
to sell the property, &c., and out of the money arising from
said sale, after satisfying and paying all arrearages of rent due
on said premises, pay and reimburse to said owners of said
certificates, the full amount of the principal moneys mentioned
in said certificates, and all dividends that shall then have accru-
ed thereon, and the residue, if any, shall and will pay over to
the grantor in the deed, or its successors or assigns." The
bill iii this case, which was filed in the year 1843, avers, and it
is admitted, by an agreement in writing, that the plaintiffs (ex-
cept Mr. Mayer) are the holders of certificates, under the deed
of trust, and that they contributed moneys as mentioned in said
deed, so as to entitle themselves to such certificates, which

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 2, Page 503   View pdf image (33K)
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