Cooke v. Hallett
Massachusetts Supreme Judicial Court
Trustee process. Julius A. Palmer, summoned as trustee (on January 31, 1874, answered, denying that, at the time of service upon him, he had in his hands and possession any goods, effects or credits of the principal defendants.
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Trustee process. Julius A. Palmer, summoned as trustee (on January 31, 1874, answered, denying that, at the time of service upon him, he had in his hands and possession any goods, effects or credits of the principal defendants. The plaintiffs thereupon filed interrogatories to the trustee, and the material portions of his answers thereto were as follows : On November 6, 1873, Charles W. Sweetland, one of the principal defendants, borrowed $500 of Palmer, giving his note therefor, payable in thirty days, and at the same time placed in Palmer’s hands, as collateral security for the payment of…
1Opinion of the Court
By the Court.
The trustee took and held the shares as collateral security only for the debt due him from the principal defendant. After he had been paid that debt, and had delivered up the shares to the defendant, he had no goods, effects or credits of the defendant in his hands.
Judgment discharging trustee affirmed.
2Cited by2 opinions
- Winslow v. FletcherSupreme Court of Connecticut · 1886
- Presnall v. Stockyards Nat. BankCourt of Appeals of Texas · 1912