German-American Title & Trust Co. v. Citizens' Trust & Surety Co.

Citations

• 190 Pa. 247
• 42 A. 682
• 1899 Pa. LEXIS 1013

Syllabus

<p>Statute of frauds — Guaranty—Building contract.</p> <p>Where a builder in consideration of advances by a corporation signs an agreement in -writing to convey ground rents to the corporation and to furnish the bond of a surety company guaranteeing the completion of the buildings on the land out of -which the ground rents issued, the bond of the surety company given in pursuance of the agreement is not rendered invalid by the fact that the agreement signed by the builder was not signed by the corporation which made the advances.</p> <p>Guaranty — Completion of building contract — Ground rents.</p> <p>Where advances have been made for a building operation, in consideration of the conveyance of ground rents on the land to be improved and of the furnishing of a bond to insure the completion of the buildings, the measure of damages in an action upon the bond is the difference in the market value of the ground rents if the buildings had been completed, and their value with the buildings in the incompleted state in which they were left.</p>