First National Bank v. National Broadway Bank
Appellate Division of the Supreme Court of the State of New York
Appeal by the plaintiff, The First Rational Bank of Paterson, R. J., from a judgment of the Supreme Court in favor of the defendants, entered in the office of the clerk of the county of Rew York on the 18th day of February, 1897, upon the decision of the court rendered after a trial at the Rew York Special Term dismissing the complaint.
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Appeal by the plaintiff, The First Rational Bank of Paterson, R. J., from a judgment of the Supreme Court in favor of the defendants, entered in the office of the clerk of the county of Rew York on the 18th day of February, 1897, upon the decision of the court rendered after a trial at the Rew York Special Term dismissing the complaint. The suit is to determine the ownership of sixty-one shares of the capital stock of the defendant, the Rational Broadway Bank, issued and standing upon the books of the bank in the name of Philo P. Hotchkiss, trustee, which said shares, together with the…
1Opinion of the Court
O’Brien, J.:
The existence of the trust is not disputed, for the plaintiff is seeking to make title to the shares of stock here in controversy through and under Hotchkiss’ title as trustee. The evidence shows that, in violation of the terms of the trust, Hotchkiss sought to divert the *27stock and use it for kis own benefit or that of his wife, and the main question is whether he has succeeded, to the detriment of the cestuis que trust, in conferring a good title to the stock upon the plaintiff. The rule is that one who takes securities from a trustee, with the word “ trustee ” upon their face,…
2Cases cited7 opinions
- Shaw v. SpencerMassachusetts Supreme Judicial Court · 1868
- Lent v. . HowardNew York Court of Appeals · 1882
- Wetmore v. . PorterNew York Court of Appeals · 1883
- Acer v. . WestcottNew York Court of Appeals · 1871
- Suarez v. de MontignyAppellate Division of the Supreme Court of the State of New York · 1896
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