McMillan v. Davis

Citations

• 243 Pa. 570
• 90 A. 364
• 1914 Pa. LEXIS 667

Syllabus

<p>Contract — Sale—Conditional sale — Assignment of patent — Escrow — Promissory notes.</p> <p>Where an owner of a patent sells it for part cash and part promissory notes delivered to him, and he deposits an assignment of the patent in escrow, conditioned upon its redelivery to him upon default of payment of the notes, the transaction is not an option but a binding contract of purchase and sale; and the owner of the patent may, upon default of payment of the notes, either withdraw the assignment in escrow, or enforce the payment of the notes.</p>