Chestnut Street Trust & Saving Fund Co. v. Hart
Supreme Court of Pennsylvania
Appeal, No. 205, Jan. T., 1905, by defendant, from order of C. P. No. 2, Pbila. Co., March T., 1903, No. 1,381, dismissing exceptions to report of referee in case of The Chestnut Street Trust & Saving Fund Company to use of George H. Earle, Jr., and Richard T. Cook, Assignees for benefit of creditors, v. Henry G. Hart. Exceptions to report of James W. Laws, Esq., referee. The opinion of the Supreme Court states the case.
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Appeal, No. 205, Jan. T., 1905, by defendant, from order of C. P. No. 2, Pbila. Co., March T., 1903, No. 1,381, dismissing exceptions to report of referee in case of The Chestnut Street Trust & Saving Fund Company to use of George H. Earle, Jr., and Richard T. Cook, Assignees for benefit of creditors, v. Henry G. Hart. Exceptions to report of James W. Laws, Esq., referee. The opinion of the Supreme Court states the case. Error assigned, was in dismissing exceptions to report of referee.
1Opinion of the Court
Opinion by
Mr. Justice Brown,
On March 22, 1892, The Chestnut Street Trust and Saving Fund Company, of which William M. Singerley was president, lent him $50,000 on his promissory note, taking as collateral security for its payment an assignment of a bond and mortgage for $100,000, given by him to H. G. Hart. They were executed to secure the payment of this note, but, instead of being given directly to the trust company, were given to Hart, its title officer. This was evidently a device of Singerley’s to avoid the record evidence of his indebtedness to the institution of which he was president.…
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