Gibraltar Mortgage and Loan Corporation v. Lerman

McDONALD, Chief Justice.

This cause was brought by Charles Ler-man, Independent Executor of the Estate of Ben Levin, deceased, against Gibraltar Mortgage and Loan Corporation (and others not involved in this appeal), to determine and have declared under the Declaratory Judgments Act, the respective rights of unsecured creditors and Gibraltar as a claimed matured secured creditor in the assets of the estate. Levin’s estate consists of some $10,000 in assets and some $50,000 in debts.

The following facts are undisputed. At the time of Levin’s death, his total debt to Gibraltar amounting to some…