Layton v. Hough
Missouri Court of Appeals
Appeal from St. Louis City Circuit Court. — Eon. William M. Kinsey, Judge. (1) The transfer of a note, in the absence of an express reservation, carries with it the security and entitles the transferee to all its benefits.
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Appeal from St. Louis City Circuit Court. — Eon. William M. Kinsey, Judge. (1) The transfer of a note, in the absence of an express reservation, carries with it the security and entitles the transferee to all its benefits. Anderson v. Baumgarten, 27 Mo. 87-; Johnson v. Johnson, 81 Mo. 331; Hagerman v. Sutton, 91 Mo. 531; Bank v. Grewe, 84 Mo. 477; Trust Co. v. Smythe, 94 Tenn. 513; Brewing Co. v. Manasse, 99 Wis. 99. (2) This is true although the transferee at the time of transfer was ignorant of the existence of any security. Cases cited above; Bank v. Libby, 101 Wis. 193. (3) This is a…
1Opinion of the CourtReynolds, P. J.
(after stating the facts). — The claim of the executor of Mr. McCormack is, that having purchased these notes, he had acquired their collateral, the stock, and that that purchase carried with it the right to any dividend which had been declared in favor of stockholders, here 18 per cent. The assignee claims that he never pretended or intended to sell the shares of stock to Mr. McCormack; that he never did sell them; that he had no power-to do so, and that Mr. McCormack is charged with notice of the law, which the assignee claims is that the purchase of these notes did not carry with it the…
2Cases cited14 opinions
- First National Bank v. GaySupreme Court of Missouri · 1876
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- First National Bank v. MarlowSupreme Court of Missouri · 1880
- McCoy v. GreenSupreme Court of Missouri · 1884
- Atwood v. DumasMassachusetts Supreme Judicial Court · 1889
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3Cited by4 opinions
- Lowery v. FullerMissouri Court of Appeals · 1926
- Farm & Home Savings & Loan Ass'n v. TheissSupreme Court of Missouri · 1937
- Abraham Lincoln Insurance v. Franklin Savings & Loan Ass'nDistrict Court, E.D. Missouri · 1969
- V. S. Cook Lumber Co. v. HarrisSupreme Court of Oklahoma · 1937