First Nat. Bank of Donora v. Purcell

Opinion

Mr. Justice Schaeeeb,

The plaintiff bank in this suit sought to recover from defendant the amount due on a promissory note for $15,-000, of which he was the maker. He successfully contended in the court below that he was not liable on his unqualified written obligation to pay because of an understanding with the vice-president of the bank that there should be substituted, in discharge of the note in question, the note of a corporation then in process of being formed, of which plaintiff was an incorporator. One presenting such a defense carries a heavy burden: First National Bank of…