Russell v. American Bell Telephone Co.
Massachusetts Supreme Judicial Court
Bill in EQUITY against the American Bell Telephone Company, a Massachusetts corporation, one Charles M. Gleason, a stockbroker, and the Beacon Trust Company, to enjoin the transfer of eight shares of stock of the defendant telephone company and to require the delivery of the certificate representing those shares to the plaintiff whose testatrix had intrusted them to the defendant Gleason who fraudulently had pledged them to the defendant trust company to secure his own note,…
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Bill in EQUITY against the American Bell Telephone Company, a Massachusetts corporation, one Charles M. Gleason, a stockbroker, and the Beacon Trust Company, to enjoin the transfer of eight shares of stock of the defendant telephone company and to require the delivery of the certificate representing those shares to the plaintiff whose testatrix had intrusted them to the defendant Gleason who fraudulently had pledged them to the defendant trust company to secure his own note, filed March 29, 1900. In the Superior Court, the case was heard by Mason, C. J., who made a decree for the plaintiff,…
1Opinion of the CourtHolmes, C. J.
The plaintiff’s testatrix intrusted a certificate of stock, indorsed in blank, to a fraudulent agent, and he, instead of using it for the purpose for which it was intrusted to him, obtained an advance from the defendant by giving the certificate in pledge. The case, therefore, so far, falls within the general reasoning of Scollans v. Rollins, 179 Mass. 346, and the usage referred to in that case was found to be proved.
In order to avoid the intimations of Scollans v. Rollins, the plaintiff sets up that in this case only the possession of the certificate, not the property, passed to the agent…
2Cases cited2 opinions
- Knox v. Eden Musee Americain Co.New York Court of Appeals · 1896
- Scollans v. RollinsMassachusetts Supreme Judicial Court · 1901
3Cited by48 opinions
- Victoria Bank & Trust Co. v. MonteithTexas Supreme Court · 1941
- Glover v. Waltham Laundry Co.Massachusetts Supreme Judicial Court · 1920
- Bunge Corp. v. Manufacturers Hanover Trust Co.New York Court of Appeals · 1972
- Baker v. DavieMassachusetts Supreme Judicial Court · 1912
- Herman v. Connecticut Mutual Life InsuranceMassachusetts Supreme Judicial Court · 1914
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