Hart v. United States Trust Co.

Citations

• 118 Pa. 565
• 12 A. 561
• 1888 Pa. LEXIS 423

Syllabus

<p>The payee, still holding a negotiable note made by an accommodation maker, became insolvent and then promised to surrender the note, but, without so surrendering, transferred it before maturity to an innocent indorsee as collateral security for an antecedent debt: Held,</p> <p>1. That the insolvency of the payee and the violation of his promise to surrender the note, was not such a fraudulent- misappropriation thereof as would entitle the maker to defend against the indorsee.</p> <p>2. Lord v. Ocean Bank, 20 Pa. 384; Royer v. Keystone N. Bank, 83 Pa. 248, and Carpenter v. N. B. of the Republic, 106 Pa. 170, distinguished.</p>