Buckwalter Stove Co. v. Central Trust & Savings Co.

Citations

• 53 Pa. Super. 558
• 1913 Pa. Super. LEXIS 219

Syllabus

<p>Contract — Trust company — Disbursing funds for building operation— Agreement urith material man.</p> <p>1. Where a trust company which holds and disburses funds for the completion of a building operation, and insures the completion of the operation, agrees to pay moneys to a material man for material already furnished, if the latter will furnish other material necessary for the operation, and the material man obtains an order from the contractor on the trust company for an amount sufficient to pay for all of the material, and the company has notice of this assignment, and agrees that the amount named shall be appropriated as designated in the assignment, the trust company will be liable to the material man for all of the material furnished, and cannot set up as a defense that it only received from the builder eighty per cent of the total cost of the building, or that the assignment for the benefit of the material man had not been accepted in writing, or that the company’s trust officer had no authority to enter into the contract.</p> <p>2. A parole promise to pay the debt of another out of funds transferred to the promissor is not within the statute of frauds. The duty is one of agency rather than one of suretyship.</p> <p>Corporations — Trust company — Power of officers.</p> <p>3. When a corporation intrusts a manager with the general supervision of a particular branch of its business it invests him with the power of a general agent coextensive with the business intrusted to his care.</p> <p>Evidence — Witness—Memory of witness.</p> <p>4. A witness who testifies to a conversation which he had heard many years before may tell as near as he can what was said. He cannot be expected to give the identical words of the conversation.</p>