B. S. F. Co. v. Philadelphia National Bank

Wolcott, Chief Justice:

This is an appeal from a judgment for the plaintiff in a declaratory judgment action. The plaintiff is The Philadelphia National Bank (hereafter “Trustee”), Trustee under an Indenture securing an issue of debentures of the defendant, B.S.F. Company (hereafter “B.S.F.”). The result has been to adjudge B.S.F. in default under the Indenture. In the event of default by B.S.F. under the Indenture it is required to redeem the debentures secured thereby at 105 %.

Two questions are presented by this appeal, viz., (1) under the circumstances of this case, was the sale by B.S.F.…