Genet v. Howland & Aspinwall
New York Supreme Court
THE facts in this case, as proved on the trial, are not dependent on any contradictory testimony, and may he easily stated. George G. Genet was the holder of one hundred shares of the Pacific Mail Steamship Company stock, and applied to the defendants to loan him thereon $6,500, which they agreed to do.
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THE facts in this case, as proved on the trial, are not dependent on any contradictory testimony, and may he easily stated. George G. Genet was the holder of one hundred shares of the Pacific Mail Steamship Company stock, and applied to the defendants to loan him thereon $6,500, which they agreed to do. He gave his note for that amount, with interest at seven per cent, and pledged his stock upon the terms stated in the note, namely: “With authority to sell the same at the brokers’ board, or at public or private sale or otherwise, at their option,” on the non-performance-of the promise to pay,…
1Opinion of the CourtIngraham, P. J.
The facts in this case are so free from difficulty that the only questions calling for much consideration are the rules of law as applicable to them. The questions raised by the parties on the trial, are novel, and yet are of frequent occurrence in the business of brokers. There can be no doubt that the defendants, under the stock note given to them, had authority, after default had been made by George 0. Genet, in the payment of his note, to sell the stock either at public or private sale, and without notice to Genet. This was the express provision of the contract as contained in the stock…
2Cases cited15 opinions
- Byxbie v. . WoodNew York Court of Appeals · 1862
- Emery v. . PeaseNew York Court of Appeals · 1859
- Greason v. . KeteltasNew York Court of Appeals · 1858
- People ex rel. Stanton v. Tioga C. P.New York Supreme Court · 1837
- Barlow v. . ScottNew York Court of Appeals · 1861
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