Globe Consumer Discount Co. v. City Wide Paint Stores, Inc.

Gold, P. J.,

This proceeding arises from this court’s order, discharging defendant’s, City Wide Paint Stores, Inc., rule to open judgment.

Plaintiff, Globe Consumer Discount Company, is a Pennsylvania corporation in the business of making loans to individuals. During the last five years plaintiff has made numerous loans for use by defendant in its business affairs. In 1963, defendant, unable to make the installment payments on these loans, requested that plaintiff refinance the loans.

After extended negotiations between counsel for plaintiff and defendant, an agreement was entered into, in…