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Federal Courts - Jurisdiction - Diversity Of Citizenship - Realignment Of Parties, Michigan Law Review

Michigan Law Review

Plaintiff, a New York corporation, was trustee under a mortgage deed to secure a bond issue executed by A, an Indiana corporation, in 1902. In 1906, B, an Indiana corporation, was formed, its franchise providing, inter alia, that after the expiration of twenty-five years, the company should be wound up and its property conveyed to C, the city of Indianapolis, subject to B's "outstanding legal obligations." In 1913, A leased all of its plant property to B for a term of ninety-nine years, B agreeing to pay as rental the interest on A's outstanding bonded …