James v. Silverstein

Opinion by

Spaeth, J.,

This is an appeal from an order granting a petition to open a confessed judgment.

A race horse was owned by seven persons1. Three of the seven agreed to buy the interest of the other four, appellant being one of the four. Part of the agreement was that the three would pay appellant some $247,000, payment to be by judgment notes, to be given appellant by May 5,1972, one note from each buyer. As security, bonds with a market value of $300,000 were to be deposited in escrow, and if appellant was not paid as agreed, he could confess judgment against the bonds. Appellee, who is…