Keator v. Hunsicker

Citations

• 232 Pa. 129
• 81 A. 140
• 1911 Pa. LEXIS 686

Syllabus

<p>Promissory notes — Affidavit of defense — Stock—Payment.</p> <p>In an action upon promissory notes the affidavit of defense set up that before the notes were given the plaintiff had in his hands a certificate for stock belonging to the defendant, and that when the notes were given defendant gave to plaintiff an option to buy certain of the shares represented by the certificate if the notes were not paid at maturity. The affidavit of defense further averred that no demand for the payment of the notes was made at their maturity, that the stock certificate was still in the possession of the plaintiff, and that the defendant believed and expected to be able to prove that the notes were paid by the exercise of the option to take shares of stock to the extent required for payment. Held, that the affidavit of defense was insufficient to prevent judgment.</p>