Strauss v. W. H. Strauss Co., Inc. (Et Al.)

Opinion by

Mr. Justice Stern,

The Court of Common Pleas of Cambria County, sitting in equity, appointed receivers for W. H. Strauss & Company, Inc., a Pennsylvania corporation -which had become insolvent. The largest creditor was United States National Bank in Johnstown, which held two notes of the company aggregating $97,000. These notes, subject to a set-off of the amount of the company’s funds on deposit, were not challenged by the receivers, but the question arose as to the proper deduction that should be made by reason of collateral security held by the bank. This collateral consisted of…