Munn v. M'Donald
Supreme Court of Pennsylvania
THIS was a writ of error to the'district court of Allegheny-county, to remove the record of an action of assumpsit, brought by Alexander M’Donald, to the use of Allen Kramer, against David Munn. The plaintiff declared as endorsee of .a promissory note made by the defendant, dated the 2d day of May, 1836, at eleven months, for 300 dollars, without defalcation for value received, payable to the order of Thomas J. Gass, and by him endorsed to the plaintiff.
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THIS was a writ of error to the'district court of Allegheny-county, to remove the record of an action of assumpsit, brought by Alexander M’Donald, to the use of Allen Kramer, against David Munn. The plaintiff declared as endorsee of .a promissory note made by the defendant, dated the 2d day of May, 1836, at eleven months, for 300 dollars, without defalcation for value received, payable to the order of Thomas J. Gass, and by him endorsed to the plaintiff. The defendant pleaded payment, with leave, &c. It appeared by the evidence of M’Donald, that the above note with the further endorsements of…
1Opinion of the Court
The opinion of the court was delivered by
Sergeant, J.
The use of the-term collateral security, when a debtor transfers to his creditor an article of-value, or an evidence of debt, is intended to express, that it is not received in payment of the principal debt, and that it is not an additional right, to which the creditor is absolutely entitled. It is merely a concurrent security for another debt, whether antecedent or newly created, and is designed to increase the means of the creditor to realize the principal debt which it is given to secure. It is subsidiary to the principal debt — running…
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- Miller v. PollockSupreme Court of Pennsylvania · 1882
- Palmer v. Dela. Co. Bldg. Assn.Superior Court of Pennsylvania · 1930
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