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NORTHEAST NAT. BANK OF PHILADELPHIA v. FIREMAN'S FUND INDEMNITY CO.

No. 6562.

94 F.2d 32 (1937)

NORTHEAST NAT. BANK OF PHILADELPHIA v. FIREMAN'S FUND INDEMNITY CO.

Circuit Court of Appeals, Third Circuit.

December 28, 1937.

Attorney(s) appearing for the Case

Wilhelm F. Knauer and J. Kennard Weaver, both of Philadelphia, Pa., for appellant.

George E. Beechwood, Robert G. Kelly, and Conlen, La Brum & Beechwood, all of Philadelphia, Pa., for appellee.

Before BUFFINGTON, THOMPSON, and BIGGS, Circuit Judges.

BUFFINGTON, Circuit Judge.

In this case it appears that on March 16, 1933, one Teich borrowed from the Northeast National Bank of Philadelphia (hereafter styled bank) $15,000, payable at maturity, April 14, 1933. The note bore this entry: "It is agreed and understood that this obligation will be reduced $1,500.00 every thirty days." At the same time the Fireman's Fund Indemnity Company, California (hereafter called surety), gave bank a surety bond which provided that...

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