Miners National Bank v. Frackville Sewerage Co.

Opinion by

Hirt, J.,

George A. Haupt, Jr., owned a sewerage system in the Borough of Frackville and on January 17, 1933 Frackville Sewerage Company was incorporated to take it over. Haupt held the controlling interest in the stock of the corporation and throughout the period with which we are concerned was its president, treasurer and general manager. The corporation in April 1933 delivered its corporate mortgage to Miners National Bank as trustee in support of a contemplated bond issue of $145,000. Bonds aggregating that amount, properly executed on behalf of the corporation, were delivered to…