Integrity Trust Co. v. Club Atlantic, Inc.

These two cases involving the priority of claims against Club Atlantic, Incorporated, were tried together.

The allegations of the bills of complaint are that the complainant is a banking corporation of the Commonwealth of Pennsylvania; that the defendant Club Atlantic, Incorporated, is a corporation existing under the laws of the State of New Jersey; that on the first day of June, 1929, at a meeting of its stockholders, it authorized the board of directors to issue bonds in the sum of $300,000, to be dated as of said date, and to mature on June 1st, 1931, or sooner, and bearing interest at the…