Western Savings Bank v. Sauers

Citations

• 243 Pa. 561
• 90 A. 347
• 1914 Pa. LEXIS 664

Syllabus

<p>Promissory notes — Negotiable instruments — Renewal note — Endorsement — Endorsement induced by fraud — Judgment non obstante veredicto.</p> <p>The endorser of a renewal note is not liable in an action thereon when his endorsement has been procured through a promise by an officer of the plaintiff bank, the holder, that he would insert in the body of the note the same collateral securities that had been pledged by the maker for the payment of the original obligation, when in fact more than a year before the endorsement such officer had fraudulently abstracted the securities and had substituted others for them, and this fact was known to the plaintiff before defendant’s endorsement.</p>