Koons v. Franklin Trust Co.

Opinion by

Mr. Justice Sadler,

The Wyoming Construction Company planned thei erection of forty-one houses on Florence Avenue, Philadelphia. In order that money could be raised by the sale of mortgages on the proposed buildings, it arranged with the Franklin Trust Company, defendant, to issue poli*379cies to purchasers indemnifying them against possible loss which might be sustained from a failure to complete the work of construction. All funds were to be deposited for its protection, and withdrawn only on order of the builder, subject to the approval of defendant. Later, the plaintiff was employed…