Appreciate the response.

I found some information online that might help explain why I think the two readings on the secondary should add up to the voltage found between the two isolated conductors:

http://www.aptsources.com/resources/pdf/Floating%20Output.pdf

[Linked Image from i57.tinypic.com]

I might be way off with the above information but I believe that the diagram could represent the secondary of my isolation transformer where the L1 and Neutral (or maybe it should be called "L2" since it is no longer connected to earth ground) are isolated from ground. The ground connects to the shield of the transformer, the chassis bond, and ultimately to the earth ground.

A malfunction at the junction
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Dwayne