Peterman v. Hamilton Trust Co.
Peterman v. Hamilton Trust Co.
Opinion of the Court
Opinion by
The plaintiff, a subcontractor, entered into a written agreement with a general building contractor for the performance of certain work in the construction of a number of buildings in the city of Philadelphia. By the terms of that agreement he was to receive about eighty per cent of the stipulated price in cash, payable as the work progressed. For the remaining twenty per cent he agreed to accept the promissory note of the general contractor, payable three months after its date, with the privilege to the maker to renew the same once for a like period. As a
The plaintiff proceeded with his contract until a very considerable portion of the work had been performed, but stopped work before the contract had been completed. He contended that the cause of his apparent default was the failure of the contractor to supply him with money when and as the agreement provided. He received the promissory note and renewed it once, as he had agreed to do. Upon the failure of the maker to pay at maturity, suit was brought on the note and a judgment recovered in favor of the plaintiff. He likewise obtained a separate judgment for the balance of the cash due him at the time the work was stopped. He thereupon demanded from the defendant the conveyance of the title which had been placed in the hands of the latter for his protection. The trust company refused to convey, and the only reason advanced for such refusal was that the general contractor and his bondsman had requested that such action be taken.
The plaintiff thereupon brought this action to recover the amount of his note. At the trial he produced evidence tending to prove that at the time the conveyance was demanded, the equity of redemption in the hands of the trust company had a greater value than the amount of his note, and thus established a sound basis for a recovery.
The pleadings disclosed some discrepancy between the
We are of opinion the case was properly tried and that the defendant has no just cause to complain of the judgment from which it appeals.
Judgment affirmed.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.