Braden v. O'Neil

Citations

• 183 Pa. 462
• 38 A. 1023
• 1898 Pa. LEXIS 1065

Syllabus

<p>Debtor and creditor — Confession of judgment — Contingent liability — Promissory note — Fraud.</p> <p>A debtor may secure his creditor against a contingent liability by a confession of judgment.</p> <p>An indorser of a promissory note is contingently liable to the holder of the note, and he may secure the holder by a confession of judgment.</p> <p>A confession of judgment by a debtor to a creditor to secure a contingent liability is not a fraud inlaw, and whether it is a fraud in factor not, depends on the surrounding circumstances.</p> <p>Sheriff's sale — Agreement by creditors as to bidding — Fraud.</p> <p>An agreement among creditors to buy in their debtor’s property at a sheriff’s sale, to manufacture and sell the same and divide the proceeds, is not illegal, if the agreement does not involve the prevention of competition at the sale, or the depression of the price.</p>