Citizens Bank v. Lay
Supreme Court of Virginia
Appeal from two decrees of the chancery court of the city of Bichmond, entered respectively, 18th January, 1883, and 28th June, 1883, in a suit wherein John F. Lay was plaintiff, and the Citizens Bank of Bichmond and others were defendants. Z. D. Pickrell, January 1st, 1876, purchased of B. B. Chaffin a lot in Bichmond. Chaffin owed on the lot $2440, evidenced by his note’, which was secured by a trust-deed on the lot.
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Appeal from two decrees of the chancery court of the city of Bichmond, entered respectively, 18th January, 1883, and 28th June, 1883, in a suit wherein John F. Lay was plaintiff, and the Citizens Bank of Bichmond and others were defendants. Z. D. Pickrell, January 1st, 1876, purchased of B. B. Chaffin a lot in Bichmond. Chaffin owed on the lot $2440, evidenced by his note’, which was secured by a trust-deed on the lot. Pickrell covenanted with Chaffin to pay this note as part of the price he was to pay for the lot. The note fell due July 19-21, 1877, and on the latter day, Pickrell, unable to…
1Opinion of the Court
Lewis, P.,
delivered tbe opinion of tbe court.
We are of opinion that the decree is right, and must be affirmed. The transaction between Pickrell and tbe First National Bank, necessarily operated either as a sale or payment of the note in question. It was not the former, and must therefore have been the latter. It is essential to a sale that there be a seller on the. one hand and a buyer on the other. Here there was neither. The note was deposited in bank by Gilmour, the owner, for collection only. He himself testifies that he “gave no authority to the bank, or to any of its officers, or to…
2Cases cited2 opinions
- Lancey v. . ClarkNew York Court of Appeals · 1876
- Dooley v. Virginia Fire & Marine Ins.District Court, E.D. Virginia · 1880
3Cited by11 opinions
- Cussen v. Brandt & DunlopSupreme Court of Virginia · 1899
- Hall Building Corp. v. EdwardsSupreme Court of Virginia · 1925
- Wright v. MixCalifornia Supreme Court · 1888
- Ferree v. New York Security & Trust Co.Court of Appeals for the Eighth Circuit · 1896
- Bank of Russell County v. GriffithSupreme Court of Virginia · 1940
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