First National Bank v. American Bangor Slate Co.

Citations

• 229 Pa. 27
• 77 A. 1100
• 1910 Pa. LEXIS 547

Syllabus

<p>Amendments — Practice, C. P. — Promissory notes — Corporations— Treasurer.</p> <p>1. In an action against a corporation as indorser of promissory notes where the case as originally presented shows that the notes had been indorsed in the name of the company by the treasurer, but do not show his authority, the statement of claim may be amended, without thereby introducing a new cause of action, by alleging a course? of dealing between the plaintiff and defendant whereby the defendant was estopped from setting up want of authority in its treasurer to execute the notes, and by averring that the execution of the notes had been ratified and confirmed by the defendant, and that the latter had received the consideration of them.</p> <p>Practice, C. P. — Trial by court without a jury — Finding of facts.</p> <p>2. Where a case is tried by the court without a jury, the findings of fact by the trial judge based upon sufficient evidence, will not be reversed by the appellate court in the absence of manifest error.</p> <p>Corporation — Promissory notes — Indorsement of treasurer — Estoppel.</p> <p>3. A corporation which receives the consideration for promissory notes signed by its treasurer alone and recognizes its liability again and again by paying the discount upon the renewals and part of the principal, cannot later disaffirm the contract upon the ground of want of authority in its treasurer to indorse.</p> <p>4. While the treasurer of a corporation has no power, merely by reason of his office as treasurer to contract for a corporation, if the treasurer has been accustomed to make certain contracts for the corporation, and the corporation has acquiesced in them, it is estopped from denying his agency in making new contracts of a similar kind.</p>