Cake v. Pottsville Bank
Supreme Court of Pennsylvania
No. 369 January Term 1887, Sup. Ct.; Court below, 311 July Term 1879. In tbe court below tbe action was assumpsit by the Potts-ville Bank against J. Adam Cake, as indorser, to recover upon three negotiable notes made by Joseph W. Cake.
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No. 369 January Term 1887, Sup. Ct.; Court below, 311 July Term 1879. In tbe court below tbe action was assumpsit by the Potts-ville Bank against J. Adam Cake, as indorser, to recover upon three negotiable notes made by Joseph W. Cake. On May 1, 1877, the Pottsville Bank, a corporation, held seven different notes, matured and duly protested, made by said J. W. Cake, amounting in the aggregate to $14,060, on two of which, notes said J. A. Cake was indorser; and on tbat date all tbe said notes were settled by tbe giving to tbe Potts-ville Bank of three notes amounting to $14,128.29 made by J.…
1Opinion of the Court
Opinion,
Mr. Justice Trunkey :
On May 1, 1877, the bank held overdue notes against J. W. *270Cake amounting to $14,060, two of which amounting to $6,000 were indorsed by J. A. Cake! The bank wishing to have the notes settled, its president went to Sunbury for the purpose of effecting a settlement and adjusted the claim by J. W. Cake giving three notes amounting to $14,128.29, which were indorsed by J. A. Cake; and J. W. Cake also gave a bond and mortgage for the amount of the notes as collateral security. So says the bank.
It follows that the notes in suit, secured by the mortgage, were given in…
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