Fidelity Bank v. Gorson
Pennsylvania Superior Court
442 A.2d 265, 296 Pa. Super. 1 (1982)
- Written by Jose Espejo , JD
Facts
Joseph N. Gorson (defendant) was one of the makers of an unsecured demand note for $3 million dated May 23, 1978. The note included a power of attorney that entitled Fidelity Bank (plaintiff) to confess judgment against Gorson at any time before or after maturity. On February 4, 1979, Gorson passed away. On January 11, 1980, a confession of judgment was entered on the note. The executors of Gorson’s estate filed a petition to strike the confessed judgment after the death of the note maker. Fidelity claimed that even though Gorson’s death prevented him from executing on the note, entry of judgment for security purposes was permissible. The lower court denied the petition. Gorson’s estate appealed.
Rule of Law
Issue
Holding and Reasoning (Cavanaugh, J.)
Concurrence/Dissent (Spaeth, J.)
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