Foundation & Construction Co. v. Franklin Trust Co.

Opinion by

Mr. Justice Kephart,

The question to be disposed of, which is one of fact, will be briefly stated. On May 4, 1928, the Crillon Corporation made a contract with the Earl Thompson Company for the erection of an apartment hotel in Philadelphia. Pursuant to this contract, f632,500 was deposited in a banking fund with the Franklin Trust Company as trustee, to be distributed in accordance with a disbursing agreement, which provided that moneys so deposited were to be paid out “from time to time to the contractor on architect’s certificates approved in writing by the owner and bankers.” The…