Appeal of Baer

Citations

• 127 Pa. 360
• 18 A. 1
• 1889 Pa. LEXIS 1123

Syllabus

<p>[To be reported.]</p> <p>1. If an administrator or other trustee invest the trust funds with a private banker, without an order of court but in good faith and under the advice of counsel, he must suffer a loss resulting from the insolvency of the banker, even though the latter was in undoubted credit at the time of the loan.</p> <p>2. A certificate given by a banker that an administrator had “ deposited ” in his office a sum of money payable to his order or the order of his attorney, “ on return of this certificate, twelve months after date, with interest,” evidences not merely a deposit but a loan or investment of the money.</p> <p>3. The legal effect of the certificate cannot be modified by parol evidence of a contemporaneous agreement that the money might be withdrawn, but without interest, at any time upon return of the certificate, except upon proof of its omission from the instrument by fraud, accident, or mistake.</p>