Colonial Trust Co. v. Central Trust Co.
Supreme Court of Pennsylvania
Appeals, Nos. 146 and 162, Oct. T., 1913, by plaintiff and cross plaintiff, from decree of C. P. Allegheny Co., Jan. T., 1911, No. 360, in equity, dismissing bill and cross-bill in equity in case of The Colonial Trust Company, a corporation, Receiver of John A. Wood, Jr., bankrupt, v. The Central Trust Company, a corporation, and Clara J. Kirkland.
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Appeals, Nos. 146 and 162, Oct. T., 1913, by plaintiff and cross plaintiff, from decree of C. P. Allegheny Co., Jan. T., 1911, No. 360, in equity, dismissing bill and cross-bill in equity in case of The Colonial Trust Company, a corporation, Receiver of John A. Wood, Jr., bankrupt, v. The Central Trust Company, a corporation, and Clara J. Kirkland. Bill in equity to set aside the sale of pledged securities and cross-bill in equity for tbe return of certain stock to the cross plaintiff alleged to have been secured from her by fraud. Before Haymaker, J. From the record it appeared that…
1Opinion of the Court
Opinion by
Mr. Justice Bbown,
The facts found by the court below were all properly found. Under the evidence, they could not have been different, and the very narrow question on these appeals is whether the Central Trust Company acted within its rights under Wood’s pledging agreement with it when it purchased the pledged securities on January 15, 1910. If it did so act, it became the absolute owner of the securities, accountable to no one for any profit it might subsequently realize on a resale of them, just as it could look to no one to reimburse it for any loss it might sustain : Plucker v.…
2Cases cited8 opinions
- Hiscock v. Varick Bank of New YorkSupreme Court of the United States · 1907
- Wood v. SmithSupreme Court of Pennsylvania · 1880
- Shattuck v. American Cement Co.Supreme Court of Pennsylvania · 1903
- Appeal of JeanesSupreme Court of Pennsylvania · 1887
- Cochran v. Fox Chase BankSupreme Court of Pennsylvania · 1904
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3Cited by19 opinions
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- Jones v. CostlowSupreme Court of Pennsylvania · 1944
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- Union Trust Co. v. LongSupreme Court of Pennsylvania · 1932
- Andrews v. State Ex Rel. BlairOhio Supreme Court · 1931
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