Noah Haynes Swayne

“ The mortgage could have no retrospective effect as to previous income and earnings. The bill of the trustees does not affect the rights of the parties. It is an attempt to extend the mortgage to what it cannot be made to reach. Such a proceeding does not create any new right. It can only enforce those which exist already. The bill of the trustees is as ineffectual as if the fund were any other property, real, personal, or mixed, acquired by the mortgagee aliunde, and never within the scope of the mortgage. ”

“ In this case, upon the default which occurred, the mortgagees has the option to take personal possession of the mortgaged premises, or to file a bill, have a receiver appointed, and possession delivered to him. ”