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REED v. KELLERMAN

July 30, 1941

REED et al.
v.
KELLERMAN



The opinion of the court was delivered by: KALODNER

The issues having been brought to trial before me on amended complaint and answer (amended at trial), and having heard the testimony of witnesses and argument of counsel, I make the following findings of fact:

1. That W. B. Ward was an officer of the United States of America, having been appointed receiver of the Northwestern National Bank and Trust Company of Philadelphia by the Comptroller of the Currency of the United States of America on June 25, 1934.

 2. That L. M. Reed was appointed receiver of the said Northwestern National Bank and Trust Company of Philadelphia as of the close of business October 25, 1939, to succeed W. B. Ward, and he is now the duly appointed, qualified and acting receiver of the said bank, by authority of the Comptroller of the Currency of the United States of America.

 3. That for some time prior to February 28, 1933, George H. Kellerman, husband of Matilda Kellerman, the defendant, was a depositor in the Northwestern National Bank and Trust Company of Philadelphia.

 4. That among other notes executed by George H. Kellerman, in favor of the Northwestern National Bank and Trust Company of Philadelphia, the latter did, on February 28, 1933, make and execute a renewal collateral note, hereinafter called "note", payable to the order of the Northwestern National Bank and Trust Company of Philadelphia. According to the terms of the said note, George H. Kellerman promised to pay to the order of the Northwestern National Bank and Trust Company of Philadelphia the sum of $9,245.92 on April 28, 1933.

 5. As collateral security for the payment of the said note, George H. Kellerman delivered eleven trust certificates, hereinafter called "certificates", in the face amount or value of $1,000 each, of Electric and Peoples Traction Company, a corporation, with the right on the part of the holder thereof, in case of default in payment, to sell the said securities at any broker's board, or, at public or private sale, at the option of the holder, and with the right on the part of the holder to become purchaser thereof at such sale. The said certificates are Nos. A5110, A27581, A27582, A27196, A27054, A26257, A25333, A25332, A25331, A25330, A22037.

 6. The aforesaid certificates were then owned by Matilda Kellerman, the defendant herein, wife of the said George H. Kellerman, and were pledged by him to the Northwestern National Bank and Trust Company of Philadelphia, with the consent of the said Matilda Kellerman to the above pledge. The consent of the said Matilda Kellerman to the above pledge was in writing, as follows:

 "To the Northwestern national Bank

 "I hereby declare that George H. Kellerman has my full consent to pledge $11,000. Electric & Peoples Traction Co. 4% with the Northwestern National Bank as collateral for any loan to George H. Kellerman, and that so long as said securities may remain in the custody of said Bank, I expressly ratify and agree in advance to any and all agreements which said George H. Kellerman may make with the Bank regarding the use of said collateral for any loans to him, and I expressly authorize the said Bank to sell said securities at public or private sale in accordance with the terms of any note which said George H. Kellerman may give to represent his loans, and hereby agree to save said Bank harmless and indemnified forever against any result which may follow such action.

 "Witness at signing

 "(s) J. A. Batten

 "(s) Matilda Kellerman

 "Philadelphia ...


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