Oleon v. Rosenbloom

Citations

• 55 Pa. Super. 1
• 1913 Pa. Super. LEXIS 307

Syllabus

<p>Promissory notes — Negotiable collateral note — “Holder”—Bight of indorsee to apply collateral.</p> <p>Where a negotiable collateral note recites that certain warehouse certificates for whisky attached to the note are pledged “as collateral security for payment of this or any other liability or liabilities of the maker to the holder of the note,” and empowers the holder on default to sell the collateral and apply the proceeds “to pay any, either or all of said above-mentioned liabilities as the holder hereof shall deem proper,” an indorsee of the note is a bolder within the meaning of the instrument, and has a right to retain the collateral as security, not only for the note, but also for any other debt due him by the maker.</p>