People's Bank v. Stroud

Citations

• 223 Pa. 33
• 72 A. 341
• 1909 Pa. LEXIS 469

Syllabus

<p>Judgment — Opening judgment — Fraud—Evidence—Findings of fact.</p> <p>1. A judgment entered upon a judgment note will not be opened on the ground of fraud, unless the evidence to sustain the fraud is clear, precise and indubitable. In such a case the findings of fact of the court below based upon sufficient evidence, that .there was no fraud, will not be reversed in the absence of manifest error.</p> <p>2. The defendants in a judgment entered on a judgment note given to a bank will not be permitted to allege as a ground for opening the judgment that they were induced to execute the note with an understanding on the part of the officers of the bank that the note would not be enforced, but would be used as an asset of the bank so as to enable it to continue business, collect outstanding obligations, liquidate indebtedness and ultimately relieve the makers of the note of the money responsibility thereon. In such a case the makers are estopped upon their own statement from setting up want of consideration; and they cannot set up such a defense against the receiver of the bank who had entered up the note as an asset available for the payment of creditors.</p>