FIDELITY BANK & T. CO. OF N. J. v. PRODUCTION METALS CORP.

Civ. A. No. 70-2040.

366 F.Supp. 613 (1973)

FIDELITY BANK & TRUST COMPANY OF NEW JERSEY v. PRODUCTION METALS CORPORATION et al.

United States District Court, E. D. Pennsylvania.

September 18, 1973.


Attorney(s) appearing for the Case

William Miller, Philadelphia, Pa., for plaintiff.

Robert H. Malis, Malis, Tolson & Malis, Philadelphia, Pa., for defendants.


OPINION AND ORDER

HANNUM, District Judge.

This is a case based on diversity of citizenship. Before the Court is the plaintiff's motion for summary judgment. The question raised is whether, under the law of New Jersey, the holder of negotiable securities pledged as collateral to secure a guarantee of a loan is, upon the request of the pledger and after default by the principal obligor, under a duty to sell the collateral within a reasonable time or thereafter...

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