Bell v. Farmers D. N. Bank

Citations

• 131 Pa. 318

Syllabus

<p>[To be reported.]</p> <p>1. In a proceeding in equity to compel a transfer of stock in pursuance .of a pledge thereof by an executor, one of defendants, for a loan, the executor who made the pledge is not a competent witness, after the death of the pledgee, to testify that the latter made the loan with knowledge that the money was to be used for purposes other than the business of the estate: Duffield v. Hue, 129 Pa. 94.</p> <p>2. To a bill averring a loan to an executor, one of defendants, for the purposes of his testator’s estate, upon a pledge of estate assets, an answer by the defendant executor alleging the true character of the transaction to be that the respondent borrowed and used the money for private purposes with the knowledge of the pledgee, is responsive, and must stand until overthrown by the plaintiff’s proofs.</p> <p>3. One who loans money to an executor upon a pledge of assets of the estate, with knowledge that the money is to be used for the private business of the executor, and not for the purposes of the estate, and that the pledge is thus a misapplication of trust funds, cannot hold the assets, so pledged, as against the legatees under the will of the pledgor’s testator.</p>