Philipsborn v. 17th & Chestnut Holding Corp.

Opinion by

Trexler, P. J.,

The court entered judgment for want of a sufficient affidavit of defense. The facts briefly stated are as follows: Bonwit Teller & Co., incorporated, agreed in writing under seal to pay to Maximilian Philipsborn the sum of $5,000 per annum as long as he lived and after his death, $2,500 per annum to his wife until her death. Included in the same contract was the relinquishment at a fixed price of Philipsborn’s interest in the company and in addition, he and his wife were to refrain from engaging in any manner what soever in any business similar to that of the company;…