Federal Reserve Bank of Phila. v. Welch

This is a bill to foreclose a mortgage given by Elizabeth J. Early in her lifetime to the Chelsea-Second National Bank and Trust Company of Atlantic City. The answering defendants are Anna Welch and Charles J. Welch, individually and as executors of the estate of Mrs. Early.

A decree pro confesso has been taken against the receivers of the closed Chelsea-Second National Bank and Trust Company.

Defendants Welch were made parties defendant in their individual capacity because of their alleged ultimate liability for deficiency.

The bill recites that the mortgage was given as collateral security for…