Wayne Title & Trust Co. v. Treat

Supreme Court of Pennsylvania February 14, 1921

Wayne Title & Trust Co. v. Treat, 269 Pa. 303 (Pa. 1921)

112 A. 679; 1921 Pa. LEXIS 552

Frazer, Kephart, Pee, Sadler, Schaeeer, Simpson, Walling

Opinion of the Court

Pee Curiam,

The facts of this case raise practically the same question this court passed upon in O’Hare v. Second National Bank of Titusville, 77 Pa. 96. Applying what was there said to the averments set out in the affidavit in this case, the defense is clearly insufficient and the court below properly made absolute the rule for judgment.

Judgment affirmed.

Reference

Status: Published
Syllabus: Promissory notes — Accommodation maker — Affidavit of defense —Indebtedness to banking institution in excess of ten per cent of capital and surplus — Banks and banking — Act of June Ik, 1901, P. L. 561. In an action by a trust company on a promissory note against tbe maker, an affidavit of defense is insufficient which, avers that defendant was an accommodation maker, and that the note was given to conceal the fact that the party for which it was made was indebted to plaintiff in excess of ten per cent of its paid up capital stock and surplus, contrary to the Act of June 14,1901, P. L. 561.