175 Pa. 160 | Pa. | 1896
APPEAL OE JOHN B. STETSON, NO. 170.
Opinion by
The facts brought out upon the trial of this case in the court below throw some light upon the manner in which values may be inflated and corporations organized without any intention on the part of the corporators to comply honestly with the requirements of the law. The plaintiff’s claim is upon a promissory note in the common form for the sum of $25,000 payable to the
Another position suggested is that the note was an accommodation note made for the accommodation of the Spring Garden Bank. But an accommodation note is a loan of the credit of the maker to the payee which he may use as freely and with the same effect as to the maker as he could use a note given for a full consideration. It is no defense for the maker of such a note when sued by the indorsee to aver the character of the note, or knowledge of its character by the indorsee: Lord v. The Ocean Bank, 20 Pa. 384; Moore v. Baird, 30 Pa. 138; Miller v. Pollock, 99 Pa. 206; Philler v. Patterson, 168 Pa. 468. If the note in suit had been given for the accommodation of the Spring Garden Bank and the fact had been known to the trust company when it took it in exchange for its deposit of money in the bank, it would not constitute a defense in tiffs action. It is also said that the note was executed under an assurance that the bank would pay it and that the bank had there
The assignments of error are overruled and the judgment is affirmed.
APPEAL OE ROBERT C. THOMAS, NO. 188.
Opinion by Mr. Justice Williams, April 27,1896:
Robert C. Thomas, the appellant, was one of the makers of the note for $25,000, payable to the Spring Garden Bank, which has been considered in the case of Adams, Receiver, v. John B. Stetson, Appellant, supra, in which an opinion has just been handed down. He is one of the defendants in the action brought upon that note by the receiver of the Penn Safe Deposit and Trust Company, and his appeal is from the same judgment which has just been affirmed upon the appeal of Stetson. The questions raised are the same. The facts are presented on the same report of the referee and the assignments of error require therefore no separate treatment. For the reasons stated in the opinion filed in Adams v. Stetson, above referred to, the assignments of error are overruled and the judgment is affirmed.