First National Bank v. Lee

Citations

• 223 Pa. 305
• 72 A. 556
• 1909 Pa. LEXIS 529

Syllabus

<p>Promissory notes — Want of consideration — Affidavit of defense.</p> <p>In an action by a bank upon a promissory note made by the defendant to Ms own. order and indorsed by Mm, an affidavit of defense is sufficient wMch avers that the note was to be held by the plaintiff’s cashier, who acted for it in the negotiations, until certain shares, of stock held by it should be transferred to the defendant and certain notes and obligations indorsed by a third party should be delivered to him; that the promise to do these things was the only consideration for the note and that, in violation of the agreement, the note was delivered by the casMer and a transfer of the stock and delivery of the notes refused by the plaintiff.</p>