State National Bank v. Flathers
Supreme Court of Louisiana
APPEAL from the Civil District Court for tbe Parish of Orleans» Monroe, J. 1. The pledgee of a note secured by mortgage has a right to take measures, that is, to sue for payment in his own name, to satisfy the debt to secure which the pledge was made, subject to the obligation of accounting to his debtor.
Read the full summary
APPEAL from the Civil District Court for tbe Parish of Orleans» Monroe, J. 1. The pledgee of a note secured by mortgage has a right to take measures, that is, to sue for payment in his own name, to satisfy the debt to secure which the pledge was made, subject to the obligation of accounting to his debtor. R. C. C. 3170 (3137); 33 An. 626; 30 An. 714; 28 An. 419; 21 An. 3; Insurance Company vs. Lozano, 39 An. 321. 2. The pledgee of notes secured by mortgage can enforce the collection of them by executory as well as by ordinary process. 29 An. 548; Chaffe & Sons vs DuBose, 36 An. 257. 3. An…
1Opinion of the Court
The opinion of the court was delivered by
Fenner, J.
Plaintiff is the bona fide holder, by transfer before maturity, of negotiable notes executed by defendant, payable to his own order and by him endorsed and secured by a mortgage of concurrent date consented to by defendant in favor of th6 mortgagee and “ any future holder or holders of said notes,” by act importing confession of judgment.
Plaintiff proceeded to enforce his mortgage by executory process and was met by an injunction taken out by defendant on- the grounds:
1. That he executed the notes and mortgage in favor of the mortgagee, G. A.…
2Cases cited5 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- Carpenter v. LonganSupreme Court of the United States · 1873
- Birdsell v. ShaliolSupreme Court of the United States · 1884
- Sawyer v. PrickettSupreme Court of the United States · 1874
- Schmidt v. FreySupreme Court of Louisiana · 1844
3Cited by5 opinions
- Davis v. WelchSupreme Court of Louisiana · 1911
- Carroll v. MageeSupreme Court of Louisiana · 1908
- Marshall Field & Co. v. SutherlandSupreme Court of Iowa · 1907
- State Bank v. NewellNorth Dakota Supreme Court · 1927
- State Bank v. NewellNorth Dakota Supreme Court · 1927