Homewood Peoples Bank v. Hastings
Supreme Court of Pennsylvania
Appeal, No. 118, Oct. T., 1918, by plaintiff, from judgment of O. P. Allegheny Co., April T., 1917, No. 149, in favor of defendant in case of Homewood Peoples Bank v. J. M. Hastings. Assumpsit upon a contract guaranteeing payment of a promissory note.
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Appeal, No. 118, Oct. T., 1918, by plaintiff, from judgment of O. P. Allegheny Co., April T., 1917, No. 149, in favor of defendant in case of Homewood Peoples Bank v. J. M. Hastings. Assumpsit upon a contract guaranteeing payment of a promissory note. Before Ford, J. The note involved was in form as follows: “$5,250. “Pittsburgh, Pa., Sept. 30, 1908. “On demand after date, for value received I promise to pay to the order of myself fifty-two hundred fifty and no/100 dollars at Th^ Homewood Peoples Bank with interest at the rate of 6 per cent, per annum. Having deposited herewith as collateral…
1Opinion of the Court
Opinion by
Mr. Justice Frazer,
On September 30, 1908, F. L. Phillips signed a promissory note for $5,250, payable to his order on demand, on which was endorsed the following memorandum signed by defendant: “For value received I hereby guarantee payment of within note and waive demand, protest and notice of protest on the same.” The note was accompanied by shares of stock deposited with the bank as collateral and discounted by plaintiff bank on the day endorsement was made. Payments on account were made from time to time, the last under date of February 6, 1912. On September 19, 1913, Phillips…
2Cases cited13 opinions
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