Beutel Estate

The facts are stated in the opinion by VAN DUSEN, P. J., of the court below, VAN DUSEN, P. J., STEARNE, SINKLER, KLEIN, BOLGER and LADNER, JJ., as follows:

This trust held a mortgage of $26,500 on premises 3136-38 Market Street and 3139-41 Ludlow Street. It was overdue in March, 1930. Provident Trust Company, one of these trustees, at that time took a mortgage of $55,000 on the property, of which $26,500 was allocated to this estate, and the proceeds were used to pay off the existing mortgage of that amount. The new mortgage was taken on the basis of a contemporary appraisement of the property…