Asphalt v. Phillips
Court of Appeals of Georgia
Trover; from city court of Thomasville — Judge W. H. Hammond. March 20, 1913. The action was by the Oklahoma Asphalt, Paint & Roofing Company against P. D. Phillips, for the recovery of certain bonds of the Parker Asphalt Roofing Company, alleged to be of the value of $9,000. The judge tried the. case without a jury, and. rendered judgment in favor of the defendant.
Read the full summary
Trover; from city court of Thomasville — Judge W. H. Hammond. March 20, 1913. The action was by the Oklahoma Asphalt, Paint & Roofing Company against P. D. Phillips, for the recovery of certain bonds of the Parker Asphalt Roofing Company, alleged to be of the value of $9,000. The judge tried the. case without a jury, and. rendered judgment in favor of the defendant. The judgment, under agreement of counsel, “is to be construed not as adjudicating the absolute ownership of the bonds, but as adjudicating that Phillips holds the same as pledgee thereof under a valid lien for money advanced the…
1Opinion of the CourtRussell, J.
1. One who lends money to a corporation upon the note of an officer of the corporation, who is. authorized to execute the note, is not bound to follow the fund and to see that the corporation actually receives the money from its agent who executed the note.
2. The rights of one who in good faith has parted with his money upon the strength of collateral deposited with him by an agent of a corporation, authorized to borrow the money to secure which the collateral is deposited, will be protected as against the effort of the corporation to recover the collateral by trover, especially when it…
2Cases cited9 opinions
- Merchants' Bank v. RawlsSupreme Court of Georgia · 1849
- Exchange Bank v. ThrowerSupreme Court of Georgia · 1903
- Minnesota Lumber Co. v. Hobbs & LivingstonSupreme Court of Georgia · 1905
- National State Bank v. Sandford Fork & Tool Co.Indiana Supreme Court · 1901
- Capital City Brick Co. v. JacksonCourt of Appeals of Georgia · 1907
4 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Petition of Mulco ProductsSuperior Court of Delaware · 1956
- Farmers & Merchants Bank v. Stovall Investment Co.Court of Appeals of Georgia · 1934
- Adelman v. Centerre Bank of Kansas City, N.A.Missouri Court of Appeals · 1985