Baker v. Burkett
Mississippi Supreme Court
From the chancery court of Lincoln county. Hon. H. C. Conn, Chancellor. The bill of complaint filed by the appellee against J. Holmes Baker, administrator, a resident of Sunflower county, and Louis Cohn & Bros., residents of Lincoln county, alleged that on May 23, 1895, A. L. Cannon executed and delivered to com-. plainant Ms promissory note for the sum of $525.75, with interest, etc., payable on or before November 1, 1895; that Cannon afterwards died intestate in the county…
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From the chancery court of Lincoln county. Hon. H. C. Conn, Chancellor. The bill of complaint filed by the appellee against J. Holmes Baker, administrator, a resident of Sunflower county, and Louis Cohn & Bros., residents of Lincoln county, alleged that on May 23, 1895, A. L. Cannon executed and delivered to com-. plainant Ms promissory note for the sum of $525.75, with interest, etc., payable on or before November 1, 1895; that Cannon afterwards died intestate in the county of Sunflower, and the appellant, Baker, was, by the chancery court of that county, appointed administrator of, his…
1Opinion of the CourtStockdale, J.
The appellee has still an equitable interest in the note which was transferred to Louis Cobn & Bros. Wheeler v. Newbould, 16 N. Y., 392; Joliet Iron & Steel Co. v. Scioto Fire Brick Co., 82 Ill., 548; Jenness v. Bean, 10 N. H., 266.
The pledgee, or holder of a note as collateral security, is not liable for impairment or loss of the pledge, and cannot be required to credit the amount on his debt, unless he acts in bad faith or with faulty discretion. Wells v. Wells, 53 Vt., 1. The pledgee is bound to exercise ordinary diligence only. He will not be liable for the loss of the collateral unless…
2Cases cited4 opinions
- Wheeler v. . NewbouldNew York Court of Appeals · 1857
- Lamberton v. WindomSupreme Court of Minnesota · 1867
- Joliet Iron & Steel Co. v. Scioto Fire Brick Co.Illinois Supreme Court · 1876
- Wells & Dewing v. Wells & ScribnerSupreme Court of Vermont · 1880
3Cited by4 opinions
- Wolf v. American Trust & Savings BankCourt of Appeals for the Seventh Circuit · 1914
- Gilleran v. OwensAppellate Division of the Supreme Court of the State of New York · 1918
- In re FrostUnited States Bankruptcy Court, M.D. Tennessee · 1979
- Maley v. WunderlichMississippi Supreme Court · 1933