Olney Bank and Trust Co. Case

Opinion by

Mr. Justice Stern,

This case was here before (328 Pa. 461), but now, unlike then, it is necessary to set forth the controlling facts.

In 1927, the Olney Bank & Trust Company loaned to Michael E. Drutt the sum of $133,000 to be used for the erection of thirty-nine houses on North Franklin Street between Nedro and Champlost Avenues in the City of Philadelphia. Drutt delivered to the bank his note in that amount, together with his bond and mortgage for $150,000 secured upon the land on which the houses were to be erected. In 1929, some of the houses having been finished and sold, his…