McGrath v. First Mortgage Guarantee & Trust Co.
Superior Court of Pennsylvania
Appeal No. 126, Oct. T., 1913, by defendant, from judgment of C. P. No. 4, Phila. Co., Sept. T., 1911, No. 2,626, on verdict for plaintiff in case of Thomas McGrath v. First Mortgage Guarantee & Trust Company. Assumpsit upon a contract of guaranty.
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Appeal No. 126, Oct. T., 1913, by defendant, from judgment of C. P. No. 4, Phila. Co., Sept. T., 1911, No. 2,626, on verdict for plaintiff in case of Thomas McGrath v. First Mortgage Guarantee & Trust Company. Assumpsit upon a contract of guaranty. Before Willson, P. J. From the record it appeared that on November 6, 1907, the defendant entered into two agreements in writing by which it guaranteed the payment of the principal and interest of two bonds and mortgages “provided such payments shall have been requested of the company in writing by the assured on or before the sixth day of…
1Opinion of the Court
Opinion by
Head, J.,
If the plaintiff may recover at all, his right must rest on an unwarranted breach by the defendant of some covenant contained in the policy of guarantee upon which he sues. That instrument is in writing under the corporate seal of the defendant, duly executed by its chief officers. The primary obligation of the defendant thereunder was a guarantee of the payment at its home office of the principal and interest of a certain bond and mortgage from the day of the date of the policy “until the sixth day of November 1910.” This obligation, however, was neither absolute nor…