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DELAWARE TP. v. CENTRAL-PENN NAT. BANK

No. 5548.

79 F.2d 255 (1935)

DELAWARE TP. v. CENTRAL-PENN NAT. BANK OF PHILADELPHIA.

Circuit Court of Appeals, Third Circuit.

August 1, 1935.

Attorney(s) appearing for the Case

John H. Switzer, of Camden, N. J. (Cornelius O. Donahue, L. Arnold Frye, and E. J. Dimock, all of New York City, William A. Stevens, of Red Bank, N. J., and C. R. Peterson, of New York City, of counsel), for appellant.

F. Morse Archer, Jr., of Camden, N. J., and Ira Jewell Williams, Jr., and Brown & Williams, all of Philadelphia, Pa., for appellee.

Arthur T. Vanderbilt, of Newark, N. J., amicus curiæ.

Before WOOLLEY, DAVIS, and THOMPSON, Circuit Judges.

DAVIS, Circuit Judge.

The plaintiff, the Central-Penn National Bank of Philadelphia, brought an action in the District Court on a promissory note against the defendant, the township of Delaware, Camden county, N. J. The defendant filed its answer, admitting its liability on the note and interposing a "cross-petition" in equity. The petition alleged that the defendant was unable to pay its debts and that pursuant to the Municipal Finance Act of New Jersey, P. L. 1931...

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