Question

Robert Bolus was engaged in various businesses in which he sold and repaired trucks. He decided to build a truck repair facility in Bartonsville, Pennsylvania. Bolus contacted United Penn Bank (Bank) to obtain financing for the project and was referred to Emmanuel Ziobro, an assistant vice president. Ziobro orally agreed that Bank would pro-vide funding for the project. He did not tell Bolus that he only had express authority to make loans of up to $ 10,000. After extending $ 210,000 in loans to Bolus, Bank refused to provide further financing. When Bolus defaulted on the loans, Bank pressed judgment against Bolus. Bank sought to recover Bolus’s assets in payment for the loan. Bolus sued Bank for damages for breach of contract. Who wins? Bolus v. United Penn Bank, 525 A. 2d 1215, 1987 Pa. Super. Lexis 7258 ( Superior Court of Pennsylvania)


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  • CreatedAugust 12, 2015
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