Bank of Guntersville v. United States Fidelity & Guaranty Co.
Supreme Court of Alabama
Appeal from Chancery Court, Marshall County; James E. Horton, Jr., Chancellor. Bill by the United States Fidelity & Guaranty Company against the Bank of Guntersville. From a decree overruling demurrers to the bill, respondent appeals.
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Appeal from Chancery Court, Marshall County; James E. Horton, Jr., Chancellor. Bill by the United States Fidelity & Guaranty Company against the Bank of Guntersville. From a decree overruling demurrers to the bill, respondent appeals. The bill shows that complainant was surety on the bond of one J. G. Pittman as guardian for his five brothers and sisters under appointment in June, 1906; that in June, 1909, said J. G. Pittman borrowed from the Bank of Guntersville, the respondent, the sum of $500, and as security therefor executed his note to the bank due January 10, 1910, and pledged thereto…
1Opinion of the CourtSomerville, J.
[1] It is the settled law of this state that a guardian has the power to dispose of the personal estate of his ward, including the transfer of choses in action, without an order of court. This power is said to be coextensive with that of an executor or administrator. Echols v. Speake, 185 Ala. 149, 64 South. 306, Ann. Cas. 1916C, 332; Steinhart v. Gregory, 176 Ala. 368, 58 South. 266.
[2, 3] He cannot lawfully use such property in security or in payment of his own debts, and any one who receives it with knowledge of such a purpose on the part of the guardian is liable to account for its value.…
2Cases cited4 opinions
- Peck v. LampkinSupreme Court of Alabama · 1917
- Echols v. SpeakeSupreme Court of Alabama · 1913
- Farmers & Merchants Bank v. SanfordSupreme Court of Alabama · 1907
- Steinhart v. GregorySupreme Court of Alabama · 1912
3Cited by6 opinions
- American Liberty Insurance Co. v. Amsouth BankSupreme Court of Alabama · 2002
- Spann v. First Nat. Bank of MontgomerySupreme Court of Alabama · 1941
- Ayers v. AyersSupreme Court of Alabama · 1954
- American Liberty Insurance Co. v. Amsouth BankSupreme Court of Alabama · 2002
- Ex parte HerrinSupreme Court of Alabama · 1952
1 more not listed; retrieve them via the Exa API.