American National Bank v. East Atlanta Bank
Supreme Court of Georgia
Petition for mandamus. Before Judge Pendleton. Fulton superior court. July 17, 1917. This ease was submitted to the court below upon an agreed statement of facts, substantially as follows: On May 1, 1913, the plaintiff loaned Shelby Smith $300. Smith executed a-promissory note in the usual form, which recited the pledge of certificate No. 15 for three shares of the capital stock of the East Atlanta Bank as collateral, and executed on the back of the certificate a blank power…
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Petition for mandamus. Before Judge Pendleton. Fulton superior court. July 17, 1917. This ease was submitted to the court below upon an agreed statement of facts, substantially as follows: On May 1, 1913, the plaintiff loaned Shelby Smith $300. Smith executed a-promissory note in the usual form, which recited the pledge of certificate No. 15 for three shares of the capital stock of the East Atlanta Bank as collateral, and executed on the back of the certificate a blank power of attorney authorizing transfer of the stock on the books of the bank. This loan was renewed from time to time, the…
1Opinion of the CourtGilbert, J.
(After stating the foregoing facts.) The American National Bank, by virtue of its contract with the maker of the note described -in the foregoing statement, held the stock in the East Atlanta Bank as security for the note, and was authorized to sell the stock for the payment of the debt, without resorting to a suit on the note, the obtaining of a judgment, and a sale by the sheriff; but this was a cumulative right, and not exclusive. Judgment was obtained, the stock was levied upon by the sheriff, and was sold .with all the legal formalities required by law, the plaintiff becoming the…
2Cases cited2 opinions
- Owens v. Atlanta Trust & Banking Co.Supreme Court of Georgia · 1905
- Spradlin v. KramerSupreme Court of Georgia · 1917
3Cited by2 opinions
- Fourth National Bank v. Swift & Co.Court of Appeals of Georgia · 1924
- Citizens Bank of Maxeys v. Bank of PenfieldCourt of Appeals of Georgia · 1919