National Products Co. v. Atlas Financial Corp.

Opinion by

Spaeth, J.,

This is an appeal from the denial of a motion for a new trial in an assumpsit action.

By written agreement of August 25, 1966, appellant, Atlas Financial Corporation, agreed to lend $260,000 to the 215 Broad Corporation, part of this amount to be applied to the repayment of an earlier loan by Atlas to 215 Broad, and the balance, some $229,000, to be used in the renovation of a restaurant located at 218-15-17 South Broad Street in Philadelphia. 215 Broad’s interest in the restaurant may be explained as follows.

As recited in the agreement, 215 Broad had contracted to lend…