Legal Opinion
Fidelity Bank & T. Co. of NJ v. Production Metals Corp.
District Court, E.D. Pennsylvania
Decided September 18, 1973No. Civ. A. 70-2040PublishedCited by 13 opinions
1Opinion of the Court
OPINION AND ORDER
HANNUM, District Judge.
This is a case based on diversity of citizenship. Before the Court is the plaintiff’s motion for summary judgment. The question raised is whether, under the law of New Jersey, the holder of negotiable securities pledged as collateral to secure a guarantee of a loan is, upon the request of the pledger and after default by the principal obligor, under a duty to sell the collateral within a reasonable time or thereafter suffer any loss caused by a decline in the value of the securities.
The plaintiff, Fidelity Bank and Trust Company of New Jersey (formerly,…
2Cases cited5 opinions
- Klaxon Co. v. Stentor Electric Manufacturing Co.Supreme Court of the United States · 1941
- Grace v. Sterling, Grace & Co.Appellate Division of the Supreme Court of the State of New York · 1968
- Jimmy M. Reed v. Central National Bank of Alva, a CorporationCourt of Appeals for the Tenth Circuit · 1970
- Hutchison v. Southern California First National BankCalifornia Court of Appeal · 1972
- Franklin Trust Co. v. GoerkeSupreme Court of New Jersey · 1936
3Cited by13 opinions
- Hale v. Kontaratos (In Re Kontaratos)United States Bankruptcy Court, D. Maine · 1981
- Union Bank v. RossCalifornia Court of Appeal · 1976
- R. Geoff Layne Charles E. Johnson, Jr. v. Bank One, Kentucky, N.A. Banc One Securities CorporationCourt of Appeals for the Sixth Circuit · 2005
- Fletcher v. CobuzziDistrict Court, W.D. Pennsylvania · 1980
- Chischilly v. General Motors Acceptance Corp.New Mexico Court of Appeals · 1980
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