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PHILADELPHIA BOND AND MORTGAGE COMPANY v. HIGHLAND CREST HOMES (06/24/75)

decided: June 24, 1975.

PHILADELPHIA BOND AND MORTGAGE COMPANY
v.
HIGHLAND CREST HOMES, INC. (ET AL., APPELLANT)



Appeal from order of Court of Common Pleas, Trial Division, of Philadelphia, March T., 1968, No. 77, in case of Philadelphia Bond and Mortgage Company v. Highland Crest Homes, Inc., and Sarah Sanft.

COUNSEL

Charles F. Mayer, for appellant.

Norman Ashton Klinger, William L. Matz, and Zoob & Matz, for appellee.

Watkins, P. J., Jacobs, Hoffman, Cercone, Price, Van der Voort, and Spaeth, JJ. Opinion by Cercone, J. Jacobs, J., concurs in the result. Concurring Opinion by Spaeth, J.

Author: Cercone

[ 235 Pa. Super. Page 254]

William Jules Sanft, hereinafter Jules Sanft, was President of Highland Crest Homes, Inc., hereinafter Highland. Highland wished to borrow money from Industrial Valley Bank and Trust Company, hereinafter IVB. It is unclear if this money was to be used personally by Jules Sanft or by Highland. IVB would not lend Highland the money unless Highland obtained a surety. Philadelphia Bond and Mortgage Company, hereinafter PBM, agreed to act as surety if Highland could get a creditworthy co-maker on a judgment note to PBM. Sarah Sanft, Jules Sanft's mother, agreed to sign the note to PBM. The relevant parts of the note are as follows:

Judgment Note

$15,000.00 Philadelphia Pennsylvania March 1, 1968

City or Town State Date

One day [sic] after date, the undersigned (and if they be more than one, each of them jointly and severally) promise to pay, without defalcation to the order of:

Philadelphia Bond and Mortgage Company

Fifteen Thousand Dollars plus 8% per annum . . . Dollars ($15,000.00)

The undersigned do hereby authorize . . . The undersigned and each endorser hereby waive presentment, demand, protest and notice of protest and non-payment.

HIGHLAND CREST HOMES, INC.

/s/ (SEAL)

William J. Sanft, President

/s/ ...


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