Mandel v. North Hudson Investment Co.

The opinion of the court was delivered by

Brogan, Chief-Justice.

This is an appeal from an order made in the court of chancery upon the following state of facts.

The North Hudson Investment Company had for some time been indebted to the Union City National Bank for money advanced to it by the bank on its notes, which were secured by certain shares of stock of the Commonwealth Trust Company, a banking corporation of New Jersey.

In the course of time the Union City National Bank became insolvent and the comptroller of the currency of the United States appointed a receiver. The North Hudson…