Fed. Res. Bk. of Phila. v. Gearon

Opinion by

Mr. Justice Schaffer,

The court below made absolute a rule to open a judgment against defendant entered on a bond accompanying a mortgage. The bond is for $10,000 and the judgment amounts to $12,843.33. From the order making absolute the rule plaintiff appeals.

John W. F. Blizard and Isaac S. Grossman were indebted to the North City Trust Company. It demanded from them additional collateral and they arranged to create a mortgage on property they controlled. Instead of making the mortgage themselves, they had the property conveyed to defendant, Elizabeth F. Gearon, who was an employee…