Callendar v. Kelly

Citations

• 190 Pa. 455
• 42 A. 957
• 1899 Pa. LEXIS 1044

Syllabus

<p>Evidence— Corporations— Treasurer.</p> <p>In an action against a trust company on a certificate issued by the company and representing a loan to the company oí certain bonds, where liability on the certificate is denied, the plaintiff may testify as to a conversation with the treasurer of the company in reference to the certificate, and may offer in evidence her pass book for the purpose of corroborating her testimony that she had been paid interest on the certificate.</p> <p>Husband and wife — Evidence—Calling husband as for cross-examination.</p> <p>Where a married woman is the sole plaintiff in the action, her husband cannot be called as for cross-examination where there is no evidencie that he was the agent of his wife.</p> <p>Corporations — Treasurer—Estoppel.</p> <p>AVheré the treasurer of a corporation issues a certificate that certain bonds were loaned to the company, and the company subsequently sells the bonds and holds the proceeds, it is estopped from setting up any want of authority in the treasurer to bind the company by the certificate.</p> <p>Purchaser for value — Security for pre-existing debt.</p> <p>A creditor who takes bonds as security for a pre-existing debt is not a purchaser for value.</p> <p>In a proceeding to recover the value of certain bonds alleged to have been loaned to a trust company the evidence was undisputed that the bonds belonged to the plaintiff; that they' were taken from her box by her husband without her knowledge or consent; that they were handed over by him to a stranger who improperly used them as collateral security for an antecedent debt of his own to a trust company of which he was treasurer, and that they were finally sold by him to his company, in payment of that debt. There was no evidence that the plaintiff had any knowledge whatever of either of these transactions, nor that she ever authorized any one to act for her therein. Held, that a verdict and judgment for the plaintiff should be sustained.</p>