Michigan Supreme Court October 23, 1923, Calendar 30,973 (Steel & Tube Co. of America v. Board of State Tax Commissioners)

Clark, J.

For the purposes of this case the facts may be .said to be as follows: Plaintiff, a Delaware corporation, made a mortgage to a trustee to secure indebtedness to be represented by bonds to be from time to time issued by plaintiff, limited to an aggregate principal amount of $50„000.000 at any one time outstanding.