1 Pennyp. 441
Decided November 7, 1881
Supreme Court of Pennsylvania · decided 1881-11-07
Assumpsit by J. E. Holmes, to the use of Peter Coy, against R. H. Williams, upon a promissory note in the following form: “ 5500 Indiana, Pa., February 26th, 1877. Six months after date, I promise to pay to the order of J. E. Holmes, at the First National Bank of Indiana, the sum of five hundred dollars, without defalcation or stay of execution, value received, and with five per cent, attorney’s commission.
Decided 1881-11-07
¶1That the bank had an unquestionable right of action against the maker cannot be disputed. Coy in point of fact purchased the note, as the memorandum upon it by the cashier shows. Why then, especially as the note was never negotiable, did not Coy stand in the shoes of the bank? The maker had no more equity against Coy than against the bank. In presenting the note to the bank he was estopped from contesting the consideration.
¶2Judgment affirmed.