Guaranty Trust Company of New York, as Trustee, Appellant and Respondent v. New York and Queens County Railway…

Summary

The Court affirmed the lower court’s judgment, modifying it to hold that tools, supplies and miscellaneous equipment are subject to the prior lien of the consolidated mortgage, while rejecting the Steinway mortgage’s claim to the power house, barn, rolling stock and most of the equipment, and confirming the Steinway lien on the Borden Avenue property.