First National Bank v. Innes

Citations

• 66 Pa. Super. 425
• 1917 Pa. Super. LEXIS 282

Syllabus

<p>Promissory notes — Note as collateral lo a second noie-^-Renewals —Judgment note — Statute of limitations.</p> <p>Where a judgment note, not under seal, payable on demand, and negotiable by its terms recites that “'this note is given as collateral security to note” of another person stated, with amount and date stated, “or any renewals,” and the note thus recited is periodically renewed for more than nine years, without any renewal of the judgment note or demand for payment of the same, a suit on the judgment note begun after the expiration of nine years is barred by the statute of limitations.</p> <p>The statute of limitations begins to run against a note payable on demand from the date of the note. ■</p>