(c) On or about April 24, 1967 Mokrin declared upon the aforementioned judgment of the Court of Common Pleas of Philadelphia, Pennsylvania, in the District Court of Springfield, Commonwealth of Massachusetts (No. 192597), and pursuant thereto a Trustee Writ was served on Mass. Mutual on April 24, 1967 (Exhibits M-3A and 3B).
25. On January 6, 1966 a Writ of Execution was served on Mass. Mutual pursuant to the judgment obtained by Mercantile Financial Corporation in the Eastern District of Pennsylvania in C.A. 39086, as detailed in Finding No. 21(a)-(d).
26. As a result of the service upon Mass. Mutual of the restraining order and interlocutory decrees issued by the Superior Court of Suffolk County, Massachusetts, as detailed in Finding No. 22(a)-(c), Mass. Mutual, on February 23, 1966, notified Central Penn that it would no longer make payments to it under the assignment until Central Penn made formal demand upon Mass. Mutual for payment and established the priority of its claim (Exhibit CP-14(d)).
27. On February 25, 1966 Central Penn made formal demand for payment (Exhibit CP-14(c)), but Mass. Mutual nevertheless made no further payments, and withheld and retained in its own possession commissions due and payable under the General Agency contract with Miller until July 27, 1967, when the accumulated amount thus withheld, $173,845.39, was paid into the registry of this court upon the filing of the within Complaint in Interpleader.
28. (a) Mass. Mutual had the use and benefit of the sums of money withheld during the period of approximately eighteen months prior to the payment thereof into the registry of the court and, as a matter of equity, it should be charged a fair and reasonable rate therefor.
(b) To the extent that the payment of such sums to Central Penn would have reduced Central Penn's interest charges, the withholding of such sums has caused loss to the fund.
(c) A fair and reasonable charge for the use of the sums of money so withheld by Mass. Mutual is the rate of interest payable on the Miller loan to Central Penn during the periods of such withholdings, i.e. 5 1/2% until July 1, 1966, and 6% from July 1, 1966 until July 27, 1967.
29. By stipulation dated February 29, 1968 and amended by Order dated March 18, 1968 in these proceedings (Document Nos. 56 and 58), the parties agreed that the fund of $173,723.31 in the registry of the court (the fund paid in, $173,845.39, less reimbursement of costs allowed to Mass. Mutual, $122.08), and the additional sums thereafter determined by Mass. Mutual to be due and payable to Miller be paid over to Central Penn and, pending final determination of entitlement to the fund, Central Penn would treat all such payments as payments on account of the principal of the obligation owed it by Miller. It was further stipulated that if Central Penn be determined to be entitled to the sums thus received, no interest would be deemed to have accrued on that portion of the Miller obligation to Central Penn thus paid; but if it be determined that Central Penn pay over any portion of the sums so received, it would pay 5% interest on the amounts to be paid over, and interest on Miller's obligation to Central Penn would be deemed to have accrued in accordance with the terms of the loan agreement.
30. (a) From the inception of the instant interpleader through July 26, 1973, pursuant to the aforementioned stipulation Central Penn received the sum of $576,038.09 (Exhibit CP-6) which it applied to the Miller obligation as set forth in detail in the schedule #2 which Central Penn prepared and offered as Exhibit CP-7. The court accepts and adopts Exhibit CP-7 as an accurate statement of account with the exception of the amount claimed as counsel fee, which claim will be treated separately hereafter.
(b) A brief summary of the account set forth in Exhibit CP-7 discloses the following:
(1) Principal balance due on note $550,000.00
(2) Interest on balance of $550,000 from
1/1/66 to 7/1/66 at 5 1/2% 15,209.07
(3) Interest on balance of $550,000 from
7/1/66 to 3/19/68 at 6% 57,475.02
(4) Interest on declining balances of principal,
after application of payments received pursuant
to stipulation, from 3/19/68 to 1/23/73 43,380.58
Less: Receipts through 7/26/73 576,038.09
Balance due on principal and interest $ 90,026.58
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