Baker's Trust Estate

Opinion by

Mr. Justice Drew,

P. W. Baker entered into an agreement on August 2, 1933, with and for the benefit of certain of his creditors, including appellee and appellants’ assignor, Fulton National Bank, under which he confessed judgment to M. M. Harnish, as trustee, for $130,000. On December 10, 1936, while the trust agreement was still in force, Mr. Baker died insolvent. At the time of his death the Lancaster County National Bank, appellee, held obligations of decedent under the trust agreement, secured by shares of stock of the Bearings Company of America.

The first and partial account of…