Troll v. Daugherty & Bush Real Estate Co.
Missouri Court of Appeals
Appeal from St. Louis City Circuit Court. — Hon. J. Hugo Grimm, Judge. (1) A person holding commercial paper as collateral security for a debt due Mm has no right to compromise with the parties who owe the paper held as security for a less sum than the sum due on the paper held as security, and if he does he will he compelled to account to the pledgor for the full value of the security so released.
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Appeal from St. Louis City Circuit Court. — Hon. J. Hugo Grimm, Judge. (1) A person holding commercial paper as collateral security for a debt due Mm has no right to compromise with the parties who owe the paper held as security for a less sum than the sum due on the paper held as security, and if he does he will he compelled to account to the pledgor for the full value of the security so released. Wood v. Matthews, 73 Mo. 477; National Exchange Bank v. Kilpatric, 204 Mo. 119; Union Trust Co. v. Rigdon, 93 111. 458; Griggs v. Day, 32 Am. St. 704 (136 N. T. 152) ; Fisher v. George S. Jones…
1Opinion of the CourtReynolds, P. J.
— This is a suit in equity by respondent, as public administrator in charge of the estate of one Hector A. Piednoir, deceased. The petition sets up that Piednoir in his lifetime held notes secured by a deed of trust on various properties, one note being for $10,000 and fifty notes for $200 each, aggregating $10,000, all executed by appellant, all the notes representing but one. indebtedness of $10,000'. *198During the lifetime of Piednoir the indebtedness had been reduced until, as it is claimed, it amounted to $1400 with accrued interest, and all the collaterals had been released except a deed…
2Cases cited4 opinions
- National Exchange Bank v. KilpatricSupreme Court of Missouri · 1907
- Brown v. AbbottIllinois Supreme Court · 1884
- New England Loan & Trust Co. v. BrowneSupreme Court of Missouri · 1903
- Pence v. GaleSupreme Court of Minnesota · 1873
3Cited by5 opinions
- Amick v. Empire Trust Co.Supreme Court of Missouri · 1927
- First National Bank v. HahnMissouri Court of Appeals · 1917
- Bank of Neelyville v. LeeMissouri Court of Appeals · 1917
- Kansas City Ex Rel. Missouri Pacific Railway Co. v. Southern Surety Co.Missouri Court of Appeals · 1920
- Peyton v. EthridgeMissouri Court of Appeals · 1924