In re Merion Title & Trust Co. of Ardmore

Knight, P. J.,

There has been filed in this case a very complete stipulation of the facts. This stipulation, with its exhibits, is too lengthy to incorporate in full in this opinion, but we will attempt to glean therefrom such essential facts as may be necessary to understand the questions of law we are asked to decide.

The Merion Title & Trust Company of Ardmore is insolvent, and the Secretary of Banking is the receiver. For the sake of brevity, we will hereafter refer to the trust company and the receiver as “Merion”.

Merion, during its corporate existence, created and managed a mortgage trust…