Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

BERDANE FURS v. FIRST PENNSYLVANIA BANKING AND TRUST COMPANY. (11/11/59)

November 11, 1959

BERDANE FURS, INC., APPELLANT
v.
FIRST PENNSYLVANIA BANKING AND TRUST COMPANY.



Appeal, No. 166, Oct. T., 1959, from order of Municipal Court of Philadelphia County, Feb. T., 1957, No. 717, in case of Berdane Furs, Inc. v. First Pennsylvania Banking & Trust Co. et al. Order affirmed.

COUNSEL

Albert B. Miller, with him Judah Zelitch, for appellant.

Arthur R. G. Solmssen, with him Saul, Ewing, Remick & Saul, for appellee.

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

Author: Hirt

[ 190 Pa. Super. Page 640]

OPINION BY HIRT, J.

The plaintiff corporation opened a commercial checking account with the defendant bank on June 10, 1954, and on August 2, 1954 filed with the bank a certified copy of a resolution of its directors which, in respects material here, provided: "... that until otherwise ordered, said Bank be and hereby is authorized to make payments from said account upon and according to the check, draft, note or order of this ... Corporation ... when signed by President and Treasurer ... without inquiry as to the circumstances of their issue or the disposition of their proceeds ..." (Emphasis added).

On December 3, 1956, the balance in this bank account to the plaintiff's credit was $2,460. In the normal exchanges on that date there was presented to

[ 190 Pa. Super. Page 641]

    the bank for payment a promissory note for $2,000 payable to Chesner Fur Company; the note was signed "Bernard Koff, Sect. Berdane Furs, Inc." and was made payable on its face at the defendant bank. Bernard Koff then was secretary and treasurer of the plaintiff corporation; Daniel Lieberman the president of the corporation did not join in the execution of the note. The bank nevertheless paid the note and charged plaintiff's account with $2,025, the face of the note with accumulated interest.

This action was brought by the corporation to recover the above amount on the ground alleged that the bank was without authority to honor the note and charge it to the plaintiff's account, since it was executed by only one of the two corporate officers who were authorized by the resolution of the directors, above referred to, to execute notes in the name of the corporation. After suit, the bank brought in Bernard Koff as an additional defendant. The case was tried by a judge without a jury. The finding was for the defendant bank; and in favor of the plaintiff against the additional defendant in the sum of $2,203.87, representing the amount of the note with interest to May 16, 1958. Plaintiff's motion for judgment notwithstanding the verdict in the bank's favor was dismissed; hence this appeal.

The findings of the trial judge had the force and effect of a verdict of the jury (Jann v. Linton's Lunch, 150 Pa. Superior Ct. 653, 29 A.2d 219; Carlson v. A. & P. Corrugated Box Corp., 364 Pa. 216, 72 A.2d 290) and since the findings are supported by competent evidence we may take it as established that Bernard Koff in the City of New York gave the note in question to Chesner Fur Company in payment for a parcel ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.