Newhall v. Norristown Trust Co.

Citations

• 280 Pa. 195
• 124 A. 337
• 1924 Pa. LEXIS 489

Syllabus

<p>Corporations — Corporate mortgage — Duties and liabilities of trustee — Certification of bonds — Application of proceeds of mortgage.</p> <p>Where a trustee in a corporate mortgage has no active duties to perform outside of the mere certification and delivery of the bonds on instruction from the board of directors, and is absolved by the terms of the mortgage from any duty with respect to the disposition of the proceeds of the sale of the bonds, it cannot be held liable for wrongful delivery of the bonds by the mortgaging company to contractors who failed to perform their contract with the company.</p>