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CITY OF PHILADELPHIA v. PENNSYLVANIA CO., ETC.

No. 6653.

98 F.2d 539 (1938)

CITY OF PHILADELPHIA v. PENNSYLVANIA CO. FOR INSURANCES ON LIVES & GRANTING ANNUITIES.

Circuit Court of Appeals, Third Circuit.

July 1, 1938.

Attorney(s) appearing for the Case

Abraham Wernick and Joseph Sharfsin, both of Philadelphia, Pa., for appellant.

Saul, Ewing, Remick & Saul and Francis H. Bohlen, Jr., all of Philadelphia, Pa., for appellee.

Before BUFFINGTON and BIGGS, Circuit Judges, and DICKINSON, District Judge.

BUFFINGTON, Circuit Judge.

In this case it appears that the Mortgage Company of Pennsylvania (subsequently merged with the Philadelphia Company for Guaranteeing Mortgages) assigned to the predecessor of the Pennsylvania Company certain mortgages aggregating $2,000,000 or more. The purpose of the transfer was to secure bonds in the aggregate amount of $2,000,000, which the Mortgage Company issued. Defaults occurred in the payment of interest upon the bonds so secured...

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