Willing v. Lupin Building & Loan Ass'n

DICKINSON, District Judge.

We granted leave to file supplemental briefs in this case, which have now been received.

The action is brought on debt obligations of the defendant to the Commercial National Bank of Philadelphia, of which the plaintiff is receiver. One Louis Ettelson was indebted to the Bank on dis*775counted notes. The defendant Association was indebted to Ettelson on demand notes. Ettelson deposited the notes of the defendant with the Bank as collateral security for his indebtedness to the Bank. This was evidenced by the usual collateral agreement by which all the collateral was…