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LINCOLN BANK v. C & H AGENCY (12/31/82)

decided: December 31, 1982.

LINCOLN BANK, FORMERLY LINCOLN NATIONAL BANK, APPELLEE,
v.
C & H AGENCY, INC., APPELLANT. AND LINCOLN BANK, FORMERLY LINCOLN NATIONAL BANK, APPELLEE, V. CLARE CORKERY AND JOHN CORKERY, TERRE-TENANT, APPELLANTS



NO. 81-3-428, Appeals from Judgments of the Superior Courts Dated September 9, 1980, NO. 381, October Term 1979 and NO. 382, October Term, 1979, Philadelphia District, Vacating the Orders Dated February 5, 1979 of The Court of Common Pleas, Trial Division Law, for the Courts of Philadelphia at NO. 2928 and NO. 2929, September Term, 1966, which Order Granted The Petitions and Opened the latter two Judgments.

COUNSEL

James W. Pearson, Jr., Philadelphia, for appellants.

Jerome L. Markovitz, Philadelphia, for appellee.

O'Brien, C.j., and Roberts, Nix, Larsen, Flaherty, McDermott and Hutchinson, JJ. McDermott, J., did not participate in the decision of this case.

Author: Flaherty

[ 500 Pa. Page 296]

OPINION OF THE COURT

In February of 1966 John Corkery obtained a loan in the amount of $22,000 (Loan A) from Lincoln National Bank (hereinafter "the bank"). On the day of the loan, the bank obtained three promissory notes executed as follows:

(1) a note in the amount of $22,000 payable in twenty-two monthly installments signed "C and H Agency, Inc., John J. Corkery Pres." and also signed "John J. Corkery." Corkery is the president of a real estate firm by the name of C and H Agency, Inc.

(2) A one-day judgment note in the amount of $22,000 signed "C and H Agency, Inc., John J. Corkery, Pres."

[ 500 Pa. Page 297]

(3) A one-day judgment note in the amount of $22,000 signed "Clare Corkery." Clare Corkery is John Corkery's mother and the owner of real estate which was attached pursuant to a Writ of Execution on this note.

The text of these one-day judgment notes is ...


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