People's Bank v. Stroud
Supreme Court of Pennsylvania
Appeal, No. 191, Oct. T., 1908, by-defendants, from order of C. P. Washington Co., Feb. T., 1908, No. 195, discharging rule to open judgment in case of People’s Bank of California v. W. A. Stroud and Cary Piper. Rule to open judgment. Before Taylor, J. The opinion of the Supreme Court states the case. Error assigned amongst others was in discharging rule to open judgment.
1Opinion of the Court
Opinion by
Mr. Justice Elkin,
Appellants were bondsmen of the cashier of the appellee bank. In November, 1907, defalcations in which the cashier was involved were discovered amounting to about $70,000. As soon as the shortage was discovered the president and some of the directors summoned the bondsmen to meet them, made known the defalcations and demanded payment of the amount of the bond which it was asserted was a valid subsisting obligation. After a. prolonged discussion of the unfortunate situation appellants assented to and did execute a judgment note in favor of the bank, calling for the…
2Cases cited1 opinion
- State Bank v. KirkSupreme Court of Pennsylvania · 1907
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- Dominion Trust Co. v. RidallSupreme Court of Pennsylvania · 1915
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