Greenberg v. First Mortgage Guarantee & Trust Co.

Citations

• 242 Pa. 35
• 88 A. 864
• 1913 Pa. LEXIS 833

Syllabus

<p>Equity — Equity jurisdiction — Contracts — Breach — Adequate remedy at law.</p> <p>1. Where a bill in equity alleged that plaintiff had entered into an agreement with defendant trust company, whereby plaintiff was to advance $52,000 to a third party to assist in a building operation in which defendant was interested, in consideration for which defendant was to pledge as collateral security for the loan, thirteen mortgages on so many lots, upon which houses were to be built within a year; that plaintiff had paid $10,000 and had made a judgment note in favor of defendant trust company for $42,000, the balance of the loan; that defendant refused to assign the mortgages to plaintiff or to complete the houses, but nevertheless demanded further payments of the plaintiff, and threatened to sell the mortgages as collateral, or to enter up judgment on the note; and prayed that defendant be enjoined from committing these breaches of the agreement, the court was correct in holding that the bill showed no ground for the assumption of equity jurisdiction and that the remedy at law was adequate, and properly denied the motion for a preliminary injunction.</p>