Old Colony Trust Co. v. Penrose Industries Corporation, David Milgram and His Associates

OPINION OF THE COURT

SEITZ, Circuit Judge.

This is an appeal from an order of the district court denying appellants’ motion to intervene. We pass any question of appealability or mootness.

On June 1, 1967, plaintiffs filed in the district court an action by which, insofar as is now pertinent, they sought a declaratory judgment that their proposed sale to one Martin W. Field (“Field”), subject to court approval, of certain pledged collateral held by them was “commercially reasonable” under Section 9-507(2) of the Commercial Code of Pennsylvania. The collateral consisted of all the stock of Wm.…