Willey v. Browne

Citations

• 206 Pa. 322
• 55 A. 1029
• 1903 Pa. LEXIS 709

Syllabus

<p>Promissory notes — Notes held as collateral — Actions.</p> <p>Where a creditor takes from a bankrupt composition notes under an agreement that if any note should be in default, all shall become due, and subsequently the creditor assigns his claim to a third person and takes in payment thereof the notes of the third person, and retains the composition notes as security for payment of the other notes, the creditor cannot proceed on the composition notes until after a default upon the other notes, and this is the case although there may have been a default on the composition notes.</p>