Wise v. Loeb

Citations

• 15 Pa. Super. 601
• 1901 Pa. Super. LEXIS 397

Syllabus

<p>Banks and banking — Partnership—Powers of cashier.</p> <p>The managing partner of a firm doing a banking business, who is also the cashier, has authority to make an agreement by which a promissory note shall be charged to a third party in pursuance of a previous agreement between the bank and the maker of the note.</p> <p>The cashier of a bank agreed, under an arrangement with the maker of a promissory note held by the bank, that the note should be charged to another depositor who agreed to pay it. At the time the transaction took place, the collateral security for the note was delivered to the maker, but the note itself having been mislaid, was not delivered, but the cashier promised the maker to give it to him as soon as he found it. The account of the depositor who agreed to pay the note was at the time overdrawn, but it appeared that he had given the bank a mortgage to cover overdrafts. Held, in an action by the receiver of the bank on the note against the maker, that the maker’s liability was a question for the jury.</p> <p>Infant — Contract—Disaffirmance of contract.</p> <p>When an infant attains majority and does not mean to stand by a contract made in infancy, his proper course is to disaffirm it by an act as solemn as that by which it was made, and ratification may be inferred from his failure to disaffirm within a reasonable time after coming of age, as well as from positive recognition of the contract.</p> <p>Where an infant executes a judgment note in infancy, and after-he becomes of age applies to the court to open the judgment, and does not in . these proceedings allege his infancy as a defense, he will be presumed to have affirmed the note.</p>