Gordon v. Anthracite Trust Co.

Opinion by

Mr. Justice Schaffer,

In January, 1929, the board of directors of Timothy Burke, Inc., a corporation, decided to buy 200 shares of Associated Dry Goods stock. It was concluded the transaction should be in the individual name of Frank X. Burke, president of Timothy Burke, Inc. The company advanced $6,500 and the remainder of the purchase price was raised through a note for $6,610 which Burke signed individually in favor of the Anthracite Trust Company. The Associated Dry Goods stock thus purchased, in the name of Burke, was pledged as collateral security for Burke’s note. The official…