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MULCAHY v. LOFTUS (07/02/70)

decided: July 2, 1970.

MULCAHY
v.
LOFTUS, APPELLANT



Appeal from order of Court of Common Pleas of Montgomery County, at No. 67-2735, in case of William F. Mulcahy v. John E. Loftus, Jr., also known as John Edward Loftus, Jr.

COUNSEL

Milton Jacobson, for appellant.

Edward J. Ozorowski, for appellee.

Bell, C. J., Jones, Cohen, Eagen, O'Brien, Roberts and Pomeroy, JJ. Opinion by Mr. Justice Pomeroy.

Author: Pomeroy

[ 439 Pa. Page 112]

On February 28, 1967, John E. Loftus, Jr., individually, and Jeljr, Inc., by Loftus as its president and A. Watson as secretary, jointly executed and delivered a promissory note payable 60 days after date to the order of William F. Mulcahy in the amount of $10,000, with interest at the rate of 2 1/2% per month. The note contained a power of attorney to confess judgment as of any term. The note was "filed" in the Office of the Prothonotary of Montgomery County on March 6, 1967. Seven weeks later, on May 23, 1967, an assessment of damages was filed in the amount of $11,640.04 computed as follows:

Unpaid principal $10,000.00

Interest from Feb. 28, 1967

     to May 22, 1967 at 6% 140.04

15% collection fee 1,500.00

$11,640.04

[ 439 Pa. Page 113]

On July 21, 1967, defendants petitioned to strike off the judgment or in the alternative to open it. Jeljr also alleged that the loan evidenced by the note was without consideration as to it. Defendants' ...


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