Chambersburg Insurance v. Smith ex rel. Nichols
Supreme Court of Pennsylvania
Error to the Common Pleas of Franklin. June 14. Philip Berlin, who was president of the Insurance Company, made and delivered to Simeon Nichols a promissory note, dated September 14,1842. On that day, Berlin, by a power of attorney, authorized Joseph Chambers, the secretary and treasurer of the company, to transfer certain stock, held by him in the company, to Frederick Smith, as collateral security for the payment of the said note, which said stock, by the terms of the…
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Error to the Common Pleas of Franklin. June 14. Philip Berlin, who was president of the Insurance Company, made and delivered to Simeon Nichols a promissory note, dated September 14,1842. On that day, Berlin, by a power of attorney, authorized Joseph Chambers, the secretary and treasurer of the company, to transfer certain stock, held by him in the company, to Frederick Smith, as collateral security for the payment of the said note, which said stock, by the terms of the power, were to be re-transferred to Berlin whenever the note was paid. The secretary filed the power, and made an entry in…
1Opinion of the Court
The opinion of this court was delivered by
Coulter, J.
The suit is properly instituted in the name of the trustees for the use of the cestui que trust. It is contended, however, that as Frederick Smith, the trustee, had not expressly authorized the suit, it cannot be carried on in his name. But that is a mistake. He did not interdict it; he said he presumed that Nichols had a right to his name without asking his consent. The court would not have permitted the trustee to arrest the suit. The cestui que trust is answerable for costs, and has a right to impétrate the writ and carry on the suit for…
2Cited by5 opinions
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