413 Pa. 174 | Pa. | 1964
Opinion by
This is an appeal from an order in the court below refusing to strike off a judgment, entered by virtue of a warrant of attorney included in a bond, which accompanied the execution and delivery of a mortgage.
At the time of the execution of the instruments involved, the debtor was sane, however, before judgment was confessed on the bond, he had been judicially de
A power of attorney to confess judgment for a proper consideration is security to the creditor, is coupled with an interest and is irrevocable. The entry of the judgment is not a new act of the debtor, but is a legal result beyond his control. Lunacy will not revoke a power of attorney to confess judgment, which was valid when executed: Spencer v. Reynolds, 9 C.C. 249 (1890); Homer City National Bank v. Mahan, 3 Pa. D. & C. 35 (1922); Johnson v. National Bank of Mattoon, 320 Ill. 389, 151 N.E. 231 (1926); Davis v. Lane, 10 N.H. 156 (1839); McCaul v. Thayer, 70 Wis. 138, 35 N.W. 353 (1887); Matthiessen & Weichers Refining Co. v. McMahon’s Adm’r., 38 N.J.L. 536 (1876); Hill v. Day, 34 N.J. Eq. 150 (1881); 44 A.L.R. 1306 (1926); Annot., 44 A.L.E. 1310 (1926); Klein, Judgment by Confession in Pennsylvania, §13 at 52 and 53 (1929); 1 Mechem on Agency, §679 (2d ed. 1914); Elliot on Contracts, §461 at 689 (1913); and, Shuchman, Penna. Judgment Notes, §24.1 at 87 (1961).
Order affirmed.