Philadelphia Mercantile Loan Ass'n v. Moore
Supreme Court of Pennsylvania
Error to the District Court of Philadelphia. This was an action on a bond by The Philadelphia Mercantile Loan and Building Association against John Moore. There was a warrant of attorney with the bond, under which judgment was entered November 15th 1859, but it was opened to let the defendant into a defence, after which the pleas of non est factum, set-off, and payment with leave were entered.
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Error to the District Court of Philadelphia. This was an action on a bond by The Philadelphia Mercantile Loan and Building Association against John Moore. There was a warrant of attorney with the bond, under which judgment was entered November 15th 1859, but it was opened to let the defendant into a defence, after which the pleas of non est factum, set-off, and payment with leave were entered. The case was this: — Defendant was the owner of eight shares of the capital stock of the association, for which a certificate was issued to him in the following words and figures:— “ No. 314.…
1Opinion of the Court
The opinion of the court was delivered by
Strong, J.
The first bond, dated May 8th, 1858, was conditioned for the payment of $800, with interest, in one year from its date, and also for the payment of four dollar monthly instalments upon four shares held by Moore in the capital stock of the association. On the'4th of June 1858, less than a month after the bond was given, the debtor assigned to the company as collateral security for the loan, these four shares of stock together with four others which he then held. There had at that time been paid upon them about $440, the monthly instalments…
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