First Bank of Notasulga v. Jones
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendants, Richard W. Jones, Jr., and others, from an interlocutory judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of New York on the 16th day of January, 1913, upon the decision of the court, rendered after a- trial at the New York Special Term, sustaining the plaintiff’s demurrers to certain defenses and counterclaims contained in the answers of the respondent.
1Opinion of the Court
The following is the opinion of Bischoff, J.:
Bischoff, J.:
The defense and counterclaim founded upon the plaintiff’s neglect and refusal to exchange the corporate bonds held as collateral for the note in suit and to accept substituted securities under a proposed plan of reorganization of the corporation do not proceed upon facts sufficient to ¡support the finding of any breach of duty upon the part of the¡ plaintiff. A creditor-holding property pledged as collateral security is bound to use reasonable care in the matter of the physical preservation of the property (Willets v. Hatch, 132 N. Y.…
2Cases cited3 opinions
- Erwin v. . DownsNew York Court of Appeals · 1857
- Willets v. . HatchNew York Court of Appeals · 1892
- Turner v. . KellerNew York Court of Appeals · 1876
3Cited by7 opinions
- Rubin v. SalomonCity of New York Municipal Court · 1930
- William Segar, Inc. v. 1967-1975 Ocean Avenue Realty Corp.New York Supreme Court · 1926
- Perkins v. MeyerNew York Court of Appeals · 1951
- First Bank of Notasulga v. JonesAppellate Division of the Supreme Court of the State of New York · 1915
- Citizens First National Bank v. ParkinsonNew York Supreme Court · 1942
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