Meadville Park Theatre Corp. v. McGillick

Pee Cueiam,

The Meadville Amusement Company, unable to meet its monthly payments on a lease, through its treasurer executed a written agreement with appellee, on August 7, 1931, whereby in return for an extension it agreed to execute a demand note for $4,000, endorsed by F. E. McGillick, its president. The agreement contained the following provision: “It is understood and agreed that the note shall be paid in full on or about May 1, 1932.” The note, having all the essentials of a negotiable instrument, was executed as of July 1,1931, by the lessee and endorsed by McGillick. In an action to…