First National Bank v. Caperton
Mississippi Supreme Court
From the chancery court of Coahoma county, first district. The American Cooperage Company, a corporation doing business at Friar’s Point, in this state, borrowed $10,000 from Cyrus H. McCormick, and among other securities given for the loan, was a list of personal property, which was agreed to be pawned; whether this property was delivered so as to render the pledge valid was a controverted question in the case.
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From the chancery court of Coahoma county, first district. The American Cooperage Company, a corporation doing business at Friar’s Point, in this state, borrowed $10,000 from Cyrus H. McCormick, and among other securities given for the loan, was a list of personal property, which was agreed to be pawned; whether this property was delivered so as to render the pledge valid was a controverted question in the case. Afterwards the American Cooperage Company, being indebted to the First National Bank of Chicago, in the sum of $35,000, and contemplating further indebtedness to it, executed and…
1Opinion of the CourtWhitfield, J.
The mortgage of October 25, 1891, to the First National Bank, on its face reserves the right to the mortgagor to £ £ keep and use” the property. This avoided the instruments, both constituting one transaction. Acme Lumber Co. v. Hoyt, 71 Miss., 106. The property was largely consumable in its use. It is said that the subsequent provision that in case the mortgagor should sell or assign said property, or any interest therein, that the mortgagee should take immediate possession, etc., saves the instrument. But the £ £ use ’ ’ first referred to clearly is the usual use in the ordinary course of…
2Cases cited6 opinions
- Casey v. CavarocSupreme Court of the United States · 1878
- Union Trust Co. v. TrumbullIllinois Supreme Court · 1891
- First Nat. Bank of Parkersburg v. HarknessWest Virginia Supreme Court · 1896
- Acme Lumber Co. v. Hoyt & Bros.Mississippi Supreme Court · 1893
- Combs v. TucheltSupreme Court of Minnesota · 1878
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3Cited by6 opinions
- Commonwealth v. AlthauseMassachusetts Supreme Judicial Court · 1910
- American Pig Iron Storage Warrant Co. v. GermanSupreme Court of Alabama · 1899
- In re Wright & WeissingerDistrict Court, N.D. Mississippi · 1921
- Estes v. First National BankColorado Court of Appeals · 1900
- Estes v. First National BankColorado Court of Appeals · 1900
1 more not listed; retrieve them via the Exa API.