McKee v. Smith

Citations

• 219 Pa. 490
• 68 A. 1026
• 1908 Pa. LEXIS 607

Syllabus

<p>Debtor and creditor — Sale of collateral — Fictitious sale.</p> <p>Where a creditor sells, at the stock exchange, stock held by him as collateral for a debt, and by a secret arrangement with his nephew, the latter bids in the stock at a sum much smaller than the debt, but in reality pays for it a sum much larger than the debt, the debtor has a right to recover the difference, and it is no answer to his claim that the creditor paid back to his nephew a part of the secret purchase price.</p>