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TIME SALES FINANCE CORP. v. BOYD. (01/21/58)

January 21, 1958

TIME SALES FINANCE CORP., APPELLANT,
v.
BOYD.



Appeals, Nos. 277 and 278, Oct. T., 1957, from orders of Court of Common Pleas No. 3 of Philadelphia County, June T., 1956, No. 8438, in case of Time Sales Finance Corp. v. Ernest Boyd et al. Order reversed.

COUNSEL

M. E. Maurer, with him Samuel C. Nissenbaum and Wexler, Mulder & Weisman, for appellant.

Kenneth Cooper, for appellees.

Before Rhodes, P.j. Hirt, Gunther, Wright, Woodside, Ervin, and Watkins, JJ.

Author: Watkins

[ 185 Pa. Super. Page 308]

OPINION BY WATKINS, J.

This appeal was taken from an order of the court below opening a judgment entered by the plaintiff appellant

[ 185 Pa. Super. Page 309]

    on a single bill bearing the signatures of four defendants, as comakers, two of them being the appellees herein.

In July, 1956, the defendant William H. Beckett was negotiating with the appellant for a loan of Seven Hundred ( $700) Dollars to go into the restaurant business. This loan was made without security.

Beckett, needing additional money, sought to increase the amount of the loan and the appellant refused any increase unless security was given. Beckett, then told the appellant company that Ernest Boyd and Lillie Boyd, his father and mother-in-law, the appellees, would provide the necessary security. Beckett then took a judgment note, provided by the appellant company and had it signed by the Boyds, and the Becketts as co-makers. This note was in the amount of Thirty-five Hundred ($3500) Dollars, upon which judgment was entered under the confession clause on August 11, 1956.

In November, 1956, payments on the note being in default, the defendants were notified and a meeting held between Ernest Boyd, William L. Beckett and the appellant in the company's office. The appellee, Ernest Boyd, states that he then informed the appellant that he never agreed to secure his son-in-law for $3500 but that the amount should have been $700. He did, however, induce the appellant to extend Boyd more time to develop his business so that he might possibly pay the note. Beckett apparently failed in the business and left the area early in February, 1957.

On February 11, 1957 the Boyds filed a petition to open the judgment, alleging as a defense, that the note, on which the judgment was entered, had been executed in blank by them and that it had been completed in ...


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