Peterman v. Hamilton Trust Co.

Citations

• 55 Pa. Super. 529
• 1914 Pa. Super. LEXIS 4

Syllabus

<p>Contract — Subcontractor—Deferred payments — Real estate as security for deferred payments.</p> <p>A contractor conveyed to a trust company a piece of real estate to secure deferred payments to a subcontractor. These payments were represented by a promissory note. The agreement provided that on failure to pay the note, the trust company should convey the property to the subcontractor. Subsequently the subcontractor stopped work, on the ground that the contractor had failed to supply him with money when and as the agreement provided. The trust company refused to make the conveyance, and at this time the equity in the property was greater than the value of the note. The subcontractor then brought suit against the trust company, and produced evidence tending to show that his failure to complete his work was due to the default of the contractor. Held that a verdict and judgment for plaintiff should be sustained.</p>