Colin v. Central Penn National Bank

MEMORANDUM AND ORDER

TROUTMAN, District Judge.

In this diversity action, plaintiffs charge defendants with tortious conversion of certain negotiable debentures of the American & Foreign Power Company, Inc. Defendant Central Penn National Bank (Central Penn) took the debentures in bearer form as collateral for two loans to defendants Weiss and Consolidated Millworks, Inc., totalling $60,000 in November, 1972. Defendant Central Penn cross-claimed against Weiss and Consolidated for the unpaid principal balance, interest and fees due under the loans and a default judgment has been entered against…