Colonial Trust Co. Tr. v. L. D. A. Corp. K. W. Moore

Opinion by

Mr. Justice Walling,

The Lincoln Drive Apartments Corporation, of which Louis H. Cahan was president, in the erection of the Mayfair Apartment building at Lincoln Drive and Johnson Street, Philadelphia, in March, 1925, executed a first mortgage on the property to secure an issue of bonds to the par value of $1,750,000. The Land Title & Trust Company and Harold A. Moore were named as trustees in this mortgage. This issue of bonds was placed in the hands of the American Bond & Mortgage Company, inter alia, as sales agent. Thereafter, in August, 1925, the said Lincoln Drive Apartments…