Fidelity Bank v. Act of America, Inc.

CERCONE, Judge:

This appeal is from the order of the court below denying appellant’s petition to open a confessed judgment. The sole issue is whether the lower court abused its discretion in finding that appellant failed to aver a meritorious defense.

On August 23, 1974, appellee, The Fidelity Bank, loaned appellant, Act of America, Inc. the sum of $10,000 in return for appellant’s promissory note and a guaranty agreement executed by one of appellant’s principals and his wife. Pursuant to the authorization contained in the note, on December 8,1975, appellee confessed judgment against appellant…