Union Trust Co. v. Mowrer

Citations

• 64 Pa. Super. 257
• 1916 Pa. Super. LEXIS 285

Syllabus

<p>Payments — Appropriation of payments — Promissory notes — Judgment—Proceeds of sheriff’s sale of real estate.</p> <p>A trust company which is the owner of a judgment given by one subsequently adjudged a bankrupt, as collateral to secure the notes held by the trust company, cannot appropriate a dividend received on the judgment from the proceeds of a judicial sale of the bankrupt’s real estate, to the payment in full of certajn of the notes to the exclusion of a note on which there was an accommodation endorser. It must apply the dividend so received pro rata toward the payment of all the bankrupt’s notes secured by the judgment.</p>