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FIRST NAT. BANK OF MPLS. v. ORDER OF ST. PAUL, FIRST HERMIT

Civ. A. No. 72-2016.

354 F.Supp. 303 (1973)

FIRST NATIONAL BANK OF MINNEAPOLIS v. The ORDER OF SAINT PAUL, FIRST HERMIT — THE PAULINE FATHERS.

United States District Court, E. D. Pennsylvania.

February 6, 1973.

Attorney(s) appearing for the Case

John Markle, Jr., Philadelphia, Pa., for plaintiff.

Matthew J. Broderick, Harvey Bartle, III, Philadelphia, Pa., for defendant.

OPINION

LUONGO, District Judge.

Plaintiff, First National Bank of Minneapolis (Bank), is Trustee under an Indenture Agreement dated November 22, 1967 for the holders of $1,500,000 of notes issued by The Order of Saint Paul, First Hermit — The Pauline Fathers (the Order). The notes, which bear interest at 6½% per annum, became due and payable on October 1, 1972. The Order defaulted in payment of the principal on the due date and the Bank instituted...

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