North Penn Bank v. Whetstone

Citations

• 272 Pa. 519
• 116 A. 511
• 1922 Pa. LEXIS 860

Syllabus

<p>Promissory notes — Time of payment — Condition—-Presentment —Reasonable time — Affidavit of defense — Insufficiency.</p> <p>1. Where a promissory note payable on demand is given with the condition that payment thereof shall not be demanded until the maker has satisfied his present creditors to an amount named, the obligation is absolute, and the only thing uncertain is the matter of time.</p> <p>2. In an action on such note brought four years after its date, an affidavit of- defense is insufficient which avers that the maker “has not been able to satisfy his creditors” to the amount named in the agreement, and therefore the note is not due and payable.</p> <p>3. A demand note must be presented for payment within a reasonable time after it is issued, both at common law and under the Negotiable Instruments Act of 1901; four years would seem to be the limit of a reasonable time.</p>