National Union Bank v. Todd
Supreme Court of Pennsylvania
APPEAL BY DEFENDANT FROM THE COURT OF COMMON PLEAS OF MONTGOMERY COUNTY. No. 421 January Term 1889, Sup. Ct.; court below, No. 28 March Term 1886, C. P. On December 21, 1885, the National Union Bank of Reading brought assumpsit against I. Heston Todd. Issue. At the trial on December 10, 1888, before Swartz, P. J., the plaintiff offered in evidence a note for $2,000, dated May 1, 1885, made by I. H. Todd and indorsed by J. H. Boone.
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APPEAL BY DEFENDANT FROM THE COURT OF COMMON PLEAS OF MONTGOMERY COUNTY. No. 421 January Term 1889, Sup. Ct.; court below, No. 28 March Term 1886, C. P. On December 21, 1885, the National Union Bank of Reading brought assumpsit against I. Heston Todd. Issue. At the trial on December 10, 1888, before Swartz, P. J., the plaintiff offered in evidence a note for $2,000, dated May 1, 1885, made by I. H. Todd and indorsed by J. H. Boone. The plaintiff then rested. . The defendant, in his case in chief, testified as follows: “I know Edwin Boone, the cashier of the National'Union Bank of Reading, and…
1Per curiam
It was held in Lord v. Ocean Bank, 20 Pa. 384, that “ the maker of an accommodation note cannot sot up the want of consideration as a defence against it in the hands of a third person, though it be there as a collateral security merely. He who chooses to put himself in the front of a negotiable instrument-ior the benefit of his friend, must abide the consequence, .... and has no more right to complain, if his friend accommodates himself by pledging it for an old debt, than if he had used it in any other way.....Accommodation paper is a loan of the maker’s credit, without restriction as to the…
2Cases cited2 opinions
- Lord v. Ocean BankSupreme Court of Pennsylvania · 1853
- Hart v. United States Trust Co.Supreme Court of Pennsylvania · 1888
3Cited by2 opinions
- Colozzi v. Bevko, Inc.Supreme Court of New Jersey · 1955
- First National Bank v. DickSuperior Court of Pennsylvania · 1903