Wyckoff v. . Anthony
New York Court of Appeals
Appeal from judgment of the General Term of the Court of Common Pleas in and for the city and county of New York, entered upon an order made November 14,1881, which affirmed a judgment in favor of plaintiff, entered upon a verdict. This action was brought against defendants, who formerly composed the firm of Anthony & Oliphant, to recover the value of twenty railroad bonds of $1,000 each, alleged to have been converted by defendants.
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Appeal from judgment of the General Term of the Court of Common Pleas in and for the city and county of New York, entered upon an order made November 14,1881, which affirmed a judgment in favor of plaintiff, entered upon a verdict. This action was brought against defendants, who formerly composed the firm of Anthony & Oliphant, to recover the value of twenty railroad bonds of $1,000 each, alleged to have been converted by defendants. The bonds in question were pledged by plaintiff to said firm as collateral security for his note for $8,000, which, by its terms, was made payable February 14,…
1Opinion of the Court
Andrews, Ch. J.
The only matter of difference between the parties at the interview on February 14, 1880, when the tender was made, related to the claim of the defendants to retain the bonds as security for the debt arising out of the stock transaction of January 16, 1880. This claim was untenable. The bonds were pledged specifically for the payment of the note of December 22, 1879, and the defendants acquired no right to retain them as security for a distinct and independent debt, in the absence of an agreement between the parties. When securities are pledged to a banker or broker for the…
2Cases cited1 opinion
- Lane v. BaileyNew York Supreme Court · 1866
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- Armstrong v. . McLeanNew York Court of Appeals · 1897
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