Lightner's Appeal
Supreme Court of Pennsylvania
Appeal from the decree of the Court of Common Pleas of Lancaster county, in equity: Of May Term 1876, No. 90. This was a bill in equity filed by Joel L. Lightner, assignee of the estate of Frank J. Herr, bankrupt, against the First National Bank of Strasburg, and Joseph McClure, president, and Rudolph F. Rauch, cashier.
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Appeal from the decree of the Court of Common Pleas of Lancaster county, in equity: Of May Term 1876, No. 90. This was a bill in equity filed by Joel L. Lightner, assignee of the estate of Frank J. Herr, bankrupt, against the First National Bank of Strasburg, and Joseph McClure, president, and Rudolph F. Rauch, cashier. The bill set forth substantially, that on the 9th of June 1875, Frank J. Herr was adjudged a bankrupt, and on the 12th of August following, Joel L. Lightnerwas duly appointed assignee of his estate; that the said Herr at the time of the assignment was the owner of sixty-three…
1Opinion of the CourtChief Justice Agnew
Erom the report of the master it appears that Erank J. Herr, being indebted to the Eirst National Bank of Strasburg in a sum much larger than the value of his stock in the bank, was required to give additional security to keep his paper afloat. It was agreed between the bank and Herr that he should transfer sixty-three shares of stock in the bank as a collateral security for his indebtedness ; and Mr. Eberman, the cashier, was instructed by the bank to have a power of attorney drawn up and executed by Herr for this purpose. A power was drawn, in which Herr, for value received, irrevocably…
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