Merchants N. Bk. of Bangor v. Raesly

Opinion by

Mr. Justice Walling,

On March 27, 1923, the Albion Bangor Slate Company made and delivered its promissory note to the plaintiff bank, in form as follows, viz:

“$2,500. Bangor, Pa., March 27,1923.

“On demand after date, we promise to pay to the order of the Merchants National Bank, Bangor, Pa., twenty-five hundred dollars.

“Albion Bangor Slate Co.

“Wm. Bray, Pres.

“George Raesly, Treas.

“At The Merchants National Bank, Bangor, Pa., Without defalcation, value received.

“Credit the drawer.

“George Raesly.”

Endorsed: “William Bray.”

The bank gave credit to the drawer for the face of the note and…