Norriton East Realty Corp. v. Central-Penn National Bank

Opinion by

Mr. Justice Cohen,

The appellee in this action of conversion is a corporation which was formed to build and operate an *59apartment building. In order to accomplish this purpose, it obtained several loans from appellant which were secured by three mortgages. Appellee experienced financial difficulties and at appellant’s request assigned all leases and directed its rental agent to turn over all rents to the appellant-mortgagee. Appellant eventually instituted foreclosure proceedings and purchased the property at sheriff’s sale satisfying its claim out of the proceeds of the sale. The bid…