Fidelity-Philadelphia Trust Co. v. Philadelphia-Girard Nat. Bank

WOOLLEY, Cireuit Judge.

The District Court dismissed the plaintiffs’ bill praying that the defendant bank pay to them, as trustees in bankruptcy of the maker of several promissory notes, the market value of the pledged collateral which the defendant bank, holder of the notes, had sold and, as they claimed, had unlawfully converted. The plaintiffs appealed.

The defendant bank, which we shall call the “city bank,” is a national banking institution organized as a result of a merger between several banks with its banking house in the City of Philadelphia, Prank C. MeCown, a stock and bond broker,…