The Trust Co. of N.J. v. Biddle

The opinion of the court was delivered by

Bodine, J.

The complainant appeals from a final decree dismissing its bill of interpleader.

The complainant, a banking institution, had loaned the defendant Biddle $12,729.98 on demand collateral notes. The defendant McLelland claimed as her property certain of the collateral deposited by Biddle, consisting of negotiable bonds and stocks. She demanded this property from the bank. Biddle requested that the matter be delayed pending settlement of a suit in New York state between the defendants said to involve the same transaction. The bank then demanded…