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UNIVERSAL BUILDERS SUPPLY v. SHALER HIGHLANDS CORPORATION. (11/28/62)

November 28, 1962

UNIVERSAL BUILDERS SUPPLY, INC., APPELLANT,
v.
SHALER HIGHLANDS CORPORATION.



Appeal, No. 258, March T., 1962, from order of Court of Common Pleas of Allegheny County, Jan. T., 1961, No. D.S.B. 4349, in case of Universal Builders Supply, Inc. v. Shaler Highlands Corporation. Order affirmed.

COUNSEL

John A. Metz, Jr., with him Harry Bowytz, Guy L. Warman, and Metz, Cook, Hanna & Kelly, for appellant.

Zeno Fritz, for appellee.

William L. Jacob and William L. Jacob, Jr., for intervening defendant.

Before Bell, C.j., Musmanno, Jones, Eagen, O'brien and Keim, JJ.

Author: Keim

[ 409 Pa. Page 335]

OPINION BY MR. JUSTICE KEIM

This is an appeal from an order of the Court of Common Pleas of Allegheny County making absolute a rule to show cause why a judgment entered by confession should not be opened. Judgment was entered by appellant on December 23, 1960 on a warrant of attorney contained in a mortgage note in the sum of $70,993.05 (made up of principal debt, $58,978.95, interest at 4 1/4% from July 13, 1957, $8,633.48 and attorney's commission (5%) $3,380.62).

The facts relative hereto are stated in detail in an earlier opinion of this Court by Mr. Justice BENJAMIN R. JONES wherein he resolved a different issue of law and is reported as Universal Builders Supply, Inc. v. Shaler Highlands Corporation, 405 Pa. 259, 175 A.2d 58 (1961).

Briefly the facts are as follows: The parties entered into an agreement July 13, 1957 and under the terms of the agreement Universal was to advance not more than $50,000 to Shaler for expenses to be incurred by the latter in a land development project in Shaler Township. In return Shaler was to repay to Universal $90,000 from the sale of lots in the completed project in the following manner: $2,000 on the sale of the first thirty lots, and $1,500 on the sale of each of the next twenty lots. On the same date, July 13, 1957, Shaler executed and delivered to Universal its mortgage note for $90,000. It is the judgment on this mortgage note, payable within a period not exceeding two years, that is presently before this Court. The parties hereto agree that Universal advanced $18,978.95.

North Hills Homes and Development, Inc. by order of court was permitted to intervene as a party defendant for the reason they did have a bona fide and substantial interest in the case after they purchased the real estate involved from Shaler for $40,000. The argument of the intervening defendant does parallel that

[ 409 Pa. Page 336]

    of Shaler Highlands Corporation and will be consolidated with Shaler Highlands Corporation ...


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