Wasserman v. the Franklin Trust Co.

The complainant seeks a decree rescinding the sale by the defendant to the complainant of two chattel mortgages and three promissory notes and directing the return to the complainant of the consideration paid for the transfer. The complainant is concededly a dummy for his father, Alexander Wasserman, and Michael Simons, the persons who provided the money for the purchase of the securities.

The basis for the relief sought is a charge of fraud on the part of the defendant bank. According to the bill, the bank officials and its attorney represented to Simons that the three notes were secured by…