Cocke v. Chaney
Supreme Court of Alabama
Error to the County Court of Sumter. Assumpsit by plaintiff in error, as indorsee of a promissory note, made by the defendant’s intestate, to one Scott. Before the Hon. G. D. Frierson. The questions presented, arise on a1 bill of exceptions, from which it appears, that after the deceased executed said note, he passed to Scott as collateral-security, a note on three persons, for $1,200, and that Scott passed the collateral tb one Wood, for a valuable consideration.
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Error to the County Court of Sumter. Assumpsit by plaintiff in error, as indorsee of a promissory note, made by the defendant’s intestate, to one Scott. Before the Hon. G. D. Frierson. The questions presented, arise on a1 bill of exceptions, from which it appears, that after the deceased executed said note, he passed to Scott as collateral-security, a note on three persons, for $1,200, and that Scott passed the collateral tb one Wood, for a valuable consideration. That suit was brought, judgment obtained upon it, and execution returned no property found. It was proved, that two of the makers…
1Opinion of the CourtCollier, C. J.
In Trotter v. Crockett, 2 Porter’s Rep. 401, it was said, that where a bill or note has been transferred as a conditional payment or collateral security, its return is not necessary to entitle the creditor to institute an action on the original demand. That although a double satisfaction cannot be had, yet the creditor may take and hold several securities for the same debt, and ought not to be compelled to yield up either, until the debt is paid. But if he transfers a note thus held, so that in legal presumption he has derived a benefit from it, then, unless he regains it and have it ready to…
2Cases cited5 opinions
- Union Bank of Georgetown v. LairdSupreme Court of the United States · 1817
- Ingalls v. LordNew York Supreme Court · 1823
- St. John v. O'ConnelSupreme Court of Alabama · 1838
- Roberts v. GallagherU.S. Circuit Court for the District of Pennsylvania · 1804
- Stocking v. Ex'ors of ConwaySupreme Court of Alabama · 1834
3Cited by7 opinions
- Jones v. MooreSupreme Court of Alabama · 1924
- Herndon v. GivensSupreme Court of Alabama · 1849
- Dennis v. WilliamsSupreme Court of Alabama · 1867
- Ware, Murphy & Co. v. RussellSupreme Court of Alabama · 1876
- Whittemore v. HamiltonSupreme Court of Connecticut · 1883
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