Watkins v. Benscoter

Citations

• 264 Pa. 574
• 107 A. 891
• 1919 Pa. LEXIS 699

Syllabus

<p>Principal and agent — Collection of mortgage — Fraudulent representations — Embezzlement—Securing mortgage from third person —Cancellation—Fraud.</p> <p>Where an agent collected an outstanding mortgage belonging to his principal and embezzled the.money and afterwards secured possession of the bond and mortgage, together with a power of attorney to satisfy the same upon representing to his principal that he would loan the money to a third person, and afterwards by fraudulent representations procured from such third person a bond and mortgage in favor of his principal to conceal the embezzlement, the principal cannot hold the latter mortgage as a valid obligation, but the loss occasioned by the embezzlement must fall upon the principal.</p>