Marx Realty & Improvement Co. v. Boulevard Center, Inc.

Opinion by

Mr. Justice Bok,

The following case stated, abbreviated for convenience, was presented to the court below:

On November 28, 1952, Boulevard Center executed its note payable to First Pennsylvania in the sum of $2,500,000 for a loan. As collateral security it executed its bond and warrant and a mortgage on certain Philadelphia real estate which was to be developed. These documents were signed and delivered and the loan was made. The Center also assigned to First Pennsylvania existing and later leases.

The development was not a success, and on November 12, 1954, the Center having defaulted…