Wright v. Pipe Line Co.
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Venango county: Of October Term 1882, No. 103. This was an action of assumpsit by Charles B. "Wright and William H. Kemble against the Antwerp Pipe Company, and the Oil City Pipe Company, on a promissory note. Defendants pleaded specially, that the consideration of the note was illegal.
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Error to the Court of Common Pleas of Venango county: Of October Term 1882, No. 103. This was an action of assumpsit by Charles B. "Wright and William H. Kemble against the Antwerp Pipe Company, and the Oil City Pipe Company, on a promissory note. Defendants pleaded specially, that the consideration of the note was illegal. On the trial, before Taylor, P. J., the following facts appeared: — The note in suit was the joint obligation "of the two corporations defendant, given as part payment for certain shares of the stock of the Pennsylvania Transportation Company, drawn to the order of Henry…
1Opinion of the CourtJustice Paxson
It is conceded that the plaintiffs are holders for value of the note in controversy, and that they are not affected with notice of any fraud on the part of Harley, the payee. It was alleged, however, that the consideration of the note was illegal, and that the plaintiffs knew, or were affected with notice of this fact.
The note is the joint note of the Antwerp Pipe Company and the Oil City Pipe Company, and was given in part payment of eighteen thousand three hundred and sixty shares of the stock of the Pennsylvania,Transportation Company. The Oil City Pipe Company was organized under the…
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