Farwell v. Importers & Traders' National Bank of New York
New York Court of Appeals
Appeal from judgment of the General Term of the Superior Court of the city of New York, entered upon an order made June 13, 1881, which affirmed a judgment in favor of plaintiffs, entered upon a decision of the court on trial at Special Term.
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Appeal from judgment of the General Term of the Superior Court of the city of New York, entered upon an order made June 13, 1881, which affirmed a judgment in favor of plaintiffs, entered upon a decision of the court on trial at Special Term. (Reported below, 15 J. & S. 409.) This action was brought for an accounting in respect to certain collaterals pledged to defendant as security for a loan, including a note executed by the plaintiffs and that defendant be required to pay out of the surplus proceeds of said collaterals remaining after payment of defendant’s claim the amount collected on…
1Opinion of the CourtTracy, J.
There can be no doubt that Berry & Heiser were guilty of a conversion of the plaintiffs’ note. They were employed as brokers in commercial paper to sell the note at a discount not exceeding eight per cent, for which service they were to be paid a commission of one-quarter of one per cent. Had they sold the note, the proceeds thereof would have been the property of the plaintiffs. They did not sell it, but pledged it to the defendant, together with a large number of other notes, amounting to about $60,000, for a loan of $50,000 to themselves. Being the ostensible owners of the note they could…
2Cases cited12 opinions
- Coddington v. BayCourt for the Trial of Impeachments and Correction of Errors · 1822
- Wheeler v. . NewbouldNew York Court of Appeals · 1857
- Wilson v. . LittleNew York Court of Appeals · 1849
- Comstock v. . HierNew York Court of Appeals · 1878
- Spraights v. . HawleyNew York Court of Appeals · 1868
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3Cited by26 opinions
- Harkness v. RussellSupreme Court of the United States · 1886
- Fairbanks v. . SargentNew York Court of Appeals · 1889
- Smith v. . SavinNew York Court of Appeals · 1894
- Pearce v. RiceSupreme Court of the United States · 1891
- Warner v. Fourth National BankNew York Court of Appeals · 1889
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