Chase v. Petroleum Bank

Citations

• 66 Pa. 169
• 1871 Pa. LEXIS 11

Syllabus

<p>1. Obase having balances in a bank requested them to pay a debt for him, agreeing that if they would do so, his balances should be applied to the repayment. The bank paid the debt and Chase gave his note for the amount; it being agreed that the balances should be adjusted in a short time. Before they were adjusted the bank failed and went into the hands of a receiver. Held, that there had been an appropriation of the balances to the note, and that in a suit by the bank on the note the balances were to be deducted.</p> <p>2. The transaction was a contract, the appropriation of the balances being the consideration for the advance.</p> <p>3. After the advance by the bank, Chase could not have checked out the balances.</p> <p>4. The balances could not have been attached by Chase’s creditors.</p>