Hoffeditz v. Maidencreek Iron Co.

Supreme Court of Pennsylvania
Hoffeditz v. Maidencreek Iron Co., 141 Pa. 58 (Pa. 1891)
21 A. 764; 1891 Pa. LEXIS 1039
Clark, Green, Paxson, Sterrett, Williams

Hoffeditz v. Maidencreek Iron Co.

Opinion of the Court

Per Curiam:

The first assignment of error does not conform to the Rules of Court.

*63The second alleges that the court below erred in not sustaining the claim of appellants. As both the auditor and the court rejected this claim for what appear to be sufficient reasons, we do not think it necessary to discuss it at length. It is sufficient to say that the appellants loaned their notes to the iron company, in connection with one Henry H. Maurer, to the extent of 116,000, taking as collateral therefor a mortgage for a like amount. These notes were renewed from time to time. It does not appear that appellants have been obliged to pay them, or any portion thereof. The claim is not upon the notes, or fot any moneys advanced to the company, but is for compensation for the use of their names or credit. The claim is certainly a novel one; and, while we do not say there might not be a valid contract for compensation for the use of a man’s name or his credit, the learned judge below was of opinion that appellants’ claim failed upon the proofs. In this we think he was right.

The decree is affirmed and the appeal dismissed, at the costs of the appellants.

Reference

Full Case Name
E. H. HOFFEDITZ v. MAIDENCREEK IRON CO.
Status
Published
Syllabus
(a) Claimants, on distribution, of the assets of an iron company in the hands of a receiver, bad loaned their accommodation notes to the company, taking a mortgage for the amount of the notes as collateral security. They had not been obliged to pay the notes, or any part thereof: 1. The auditor finding that evidence submitted to establish a contract for compensation to the claimants for such loan of their credit was insufficient, and his finding thereon being approved by the court, the decree was affirmed and the appeal therefrom dismissed.