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ALGRANT v. EVERGREEN VAL. NURSERIES LTD. PARTNERS.

No. 96-1994.

126 F.3d 178 (1997)

Roland R. ALGRANT; The Douglas F. Allison Trust; Anchor Sales Associates, Inc; Daniel Avery; James B. Bagley; Thomas S. Boron; Mary Pat Boron; Franklin Edward Cater, Jr.; Paul W. Dlabal; Michael B. Elefante; Herbert Fisher; Susan E. Haar; Marilyn C. Harlin; Steven G. Horowitz; Herbert J. Hostetler; Rudolph S. Maurizi Estate; Dr. P. Jagannadha Reddy; E.W. Richardon, Jr.; Patrick Ruppert; Susan Sloan; Narendra K. Sood; Usha R. Sood; George L. Yonano; Lucretia L. Yonano, Appellants, v. EVERGREEN VALLEY NURSERIES LIMITED PARTNERSHIP; The Parkinson Pension Trust; E. Wayne Pocius; Russell M. Dimmick; Van Pines of Pa; William L. Parkinson, Dr.; Unique Garden Center Company.

United States Court of Appeals, Third Circuit.

Decided September 16, 1997.

Attorney(s) appearing for the Case

Alexander D. Bono (argued), Timothy D. Katsiff, Blank, Rome, Comisky & McCauley, Philadelphia, PA, for Appellants.

E. Parry Warner (argued), Obermayer, Rebmann, Maxwell & Hippell, Philadelphia, PA, for Appellees The Parkinson Pension Trust and Dr. William L. Parkinson.

Joseph A. McGinley (argued), Lavin, Coleman, O'Neil, Ricci, Finarelli & Gray, Philadelphia, PA, for Appellees E. Wayne Pocius, Russell M. Dimmick, Van Pines of Pennsylvania, and Unique Garden Center Company.

Before: MANSMANN, NYGAARD and ROSENN, Circuit Judges.

OPINION OF THE COURT

ROSENN, Circuit Judge.

This appeal raises two important issues of first impression in this court relating to commercial promissory obligations and securities. First, whether the obligors on unmatured promissory notes can obtain declaratory relief against the obligees of those notes and have the notes declared void and unenforceable, when the concurrent legal remedy underlying the request for declaratory relief would be barred by the...

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