Page:Federal Reporter, 1st Series, Volume 8.djvu/761

Waller, of Honesdale, Wayne county, Pennsylvauia, ^ Cersonal friend of the debtors, aiid Mrs. Elizabeth J. Bienton, wife oif the said, Albert Benton, weve the two creditors to whom they'were ihdebted in the latgest amounts.. ,'WTien Benton & Bro. applied to these two creditors to coiijtribute with the 'others the latter agreed so tq do ; but, as the Bentcri^ sflready owed Charles P. Wal- ler about $11,000, and Mrs. Benton about $10,000, the la,tter demahded some security for this pre-existjng ihdebtedness, whic^ the debtors agreed to give. �As a resulta of the application to their creditors for a loan, a written a^ree- ment was drawn up On June 21, 1876, betweeu the flrm of A. Benton & Bro. and seven at their creditors, viz.: A. "W. Von Utassy, John A. J. Sheets, Otto Lachenmeyer, Chandler P. Wain Wright, 'William A. LeVering, and Mrs. E. J. Benton, all of Philadelphia, and the said Charles P. Waller, of Honesdale. This agreementptovided for a i<)ii\tioan of $11,000 by this syndicate of cred- itors to the flrm of 'A. Be^ton & Bro., secured by a judgmeht bond for $22,- 000; conditioned for the repayrrient of'the loan in one jear, to be executed by A. Benton & Bro. to A- W. Von Utassy and John A. J. Slieets, as trustees for the whole syndicate.^ The agreement alsq expr^ssly' provided that it ahouldiipt be bindin|; until a statement 6i the real estate of A. Benton f% Bro. should be fumished, a^d it should appear that such rea! estate was sufficient security for the loan. This agreement waa executed by all the parties excepting William A. Levering, who declined to join. On June 28, 1076, a supplementai agreement was drawn up, in which the name of Willis L. Bryant, a part- ner oi Chandler P. Wainwright, was substituted for William A. Levering, and it was also thereby provided.that the judgment feond should be made payable in 10 days, instead of one yeair, (as provided in the flr^t agreement,) but that execution should riot issue within one year unless default should be made in the payment pt the notes of A. Benton & Bro. (which, to a large amount, were then outstanfliiig in the hands oi the syndicate and other creditors) for 10 days af ter maturity. �Provision Was also made for the ^ro rata distribution among the syndicate of partial payments on account of the bond. In all olher respects the terms of the original agreement remained unchanged. This supplemental agree- men,t was diily executed. by all the parties, and on thie saroe day a judgment bond, executed by the individual members of the flrm <?f A. Benton & Bro., in accordance with the agreemeiit, was enlered of record, and becarae a lien on their real estate. The name of Charles P. Waller was signed to the agree- ment by J. M. Moyer, Esq., as his attorney in fact, under the folio wing cir- cumstances: J. M. Moyer was the attorney, and general counsel of A. Benton & Bro., and was also a personal friend of Charles P. Waller, From his resi- dence in Honesdale the latter sent to Mr. Moyer a letter of attorney to join in the syndicate upon his behalf, " upon , Siitisfactory security, statement," etc., which letter of attorney referred to a letter of instructions beaiung even date. Upon this authority Mr. Moyer executed the agieements. ,T wo days after the execution of the supplemental agreement, A. Benton & Bro. drew up a paper releasing the trustees named in the.. agreement. froj» tlie,,e3«iipination of the real estate. This tiiey fook ^o.alVthecreliitorsuaiiaed iji.tl^jP ^greement exeept C. P. Waller, and obtained. the signatarcs pfciSaid .crejditoijs thereto by repre- senting that they were in pressing need of the inoiiey; that the statement of ��� �