International Finance Corp. v. Philadelphia Wholesale Drug Co.

Opinion by

Me. Justice Kephaet,

May 22, 1933:

The Philadelphia Wholesale Drug Company on May 11, 1921, accepted for payment three trade acceptances drawn upon it by Reolo, Inc., payable four months after date. The acceptances read as follows: “Accepted for payment as per Reolo contract for amount and date shown hereon.” When the acceptances were made, two agreements were entered into between the parties call ing for the performance of certain acts by Reolo, Inc., the drawer, in consideration of the acceptances. Before their maturity appellee purchased them for value and without notice of any…