Fidelity Mutual Life Insurance v. Wilkes Barre & Hazelton Railroad

The opinion of the court was delivered by

Minturn, J.

The appeal is from an order of a Supreme Court justice striking out an answer filed by defendant as frivolous and entering summary judgment thereon.

The defendant company about May, 1901, executed and delivered to the Guaranty Trust Company of New York, as trustee, a mortgage or indenture of trust, covering certain bonds and shares of stock deposited with the trustee, to secure payment of an issue of bonds in the sum of $2,500,000. The plaintiff prior to May loth, 1914, became owner and holder of twenty-five of said bonds of the par value of…