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GENERAL ELECTRIC CREDIT CORP. v. SECURITY BANK

No. 4051.

244 A.2d 920 (1968)

GENERAL ELECTRIC CREDIT CORPORATION, a corporation, Appellant, v. SECURITY BANK OF WASHINGTON, D. C., a corporation, Appellee.

District of Columbia Court of Appeals.

Decided August 8, 1968.

Attorney(s) appearing for the Case

Milton Becket, Philadelphia, Pa., of the bar of the Supreme Court of Pennsylvania, pro hac vice, by special leave of court, with whom Walter J. Murphy, Jr., Washington, D. C., was on the brief, for appellant.

Leonard C. Collins, Washington, D. C., for appellee.

Before HOOD, Chief Judge, and MYERS and KELLY, Associate Judges.

KELLY, Associate Judge:

In October 1961, appellant General Electric Credit Corporation and Le-Wood Homes, Inc., a builder of shell homes, entered into an agreement under which Le-Wood would sell to Credit Corporation installment notes secured by mortgages or other written instruments on real property. These notes represented commitments by various buyers to pay the purchase price of houses built by Le-Wood. In the years that followed, Le-Wood regularly contracted...

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