Blumberg v. Broad Street Trust Co.

Opinion by

Mr. Justice Barnes,

In November, 1926, the Broad Street Trust Company loaned the sum of $256,200 to Samuel Milgrim and Harry J. Altman, to finance the construction of sixty-one houses to be erected on the north and south sides of Pennway Avenue, between 50th and 51st Streets, in the City of Philadelphia. The loan was to be secured by sixty-one first mortgages on these houses, totaling $275,000, which, with their accompanying bonds, were to be assigned to the defendant company.

Construction work was commenced on December 1, 1926, but it did not progress as rapidly as anticipated, and a…