Franklin Trust Co. v. City of Philadelphia

Opinion by

Keller, J.,

The Franklin Trust Company, on June 10, 1931, in anticipation of a deposit about to be made with it by the City of Philadelphia, entered into a certain depository agreement with the city, under which it deposited with the Philadelphia National Bank, as custodian for the city treasurer, 250 four per cent bonds of the City of Philadelphia for $1,000 each — due 1948-78 — (Nos. 101 to 350 inclusive), to indemnify the city, the city treasurer, and other depositing officers against loss caused by or resulting from its default in complying with the terms and covenants in said…