Louchheim v. Loeb

Citations

• 73 Pa. Super. 584
• 1920 Pa. Super. LEXIS 73

Syllabus

<p>Contracts — Mortgages—Bonds—Commissions.</p> <p>In an action of assumpsit to recover commissions for obtaining a loan, to be secured by a mortgage, it appeared that tbe defendant, who was trustee for himself and other parties, had agreed to pay the plaintiff a commission for placing a loan, to be secured by a first mortgage upon real estate. It further appeared that the plaintiff had secured an investor willing to make the loan upon condition that the defendant give his personal bond, with warrant of attorney to confess judgment, in addition to the security of the mortgage. In such case, the plaintiff cannot be considered to have fulfilled the terms of his contract, and judgment of nonsuit was properly entered.</p> <p>When a party undertakes to obtain a loan of money for a trustee, he has no right to assume, in the absence of an express covenant to that effect, that the trustee will enter into any obligation which will bind other than the property belonging to the trust.</p>