Plucker v. Teller
Supreme Court of Pennsylvania
Appeal, No. 59, July T., 1895, by defendant, from judgment of C. P. No. 4, Philadelphia County, March T., 1894, No. 861, on verdict for plaintiff. Assumpsit to recover profits made from a sale of real estate. Before Arnold, J. ■ At the trial it appeared that on April 25, 1891, plaintiff borrowed $1,200 from defendant and assigned to him a bond and mortgage for $2,500 as collateral security for the loan.
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Appeal, No. 59, July T., 1895, by defendant, from judgment of C. P. No. 4, Philadelphia County, March T., 1894, No. 861, on verdict for plaintiff. Assumpsit to recover profits made from a sale of real estate. Before Arnold, J. ■ At the trial it appeared that on April 25, 1891, plaintiff borrowed $1,200 from defendant and assigned to him a bond and mortgage for $2,500 as collateral security for the loan. On October 21, 1891, the loan being then within a few days of falling due, and the mortgagor having defaulted in the payment of the interest on the mortgage, plaintiff requested defendant as…
1Opinion of the Court
Opinion by
Mr. Justice Mitchell,
The principle that a pledgee shall not make a profit out of the pledge without liability to account for it to the pledgor is beyond question, but it is not applicable to the facts of the present action. It is not the case of a sale by the pledgee against the will or in derogation of the interest of the pledgor, or without notice to him, but one made by the pledgor’s direction or request. The interest on the mortgage pledged as well as on the prior mortgage being unpaid, its value as an investment and as collateral security for the debt was depreciating, and the…
2Cases cited2 opinions
- In Re the Estate of GilbertNew York Court of Appeals · 1887
- Bloomer v. . SturgesNew York Court of Appeals · 1874
3Cited by8 opinions
- Colonial Trust Co. v. Central Trust Co.Supreme Court of Pennsylvania · 1914
- Thomas v. Waters Admr.Supreme Court of Pennsylvania · 1944
- Union Trust Co. v. LongSupreme Court of Pennsylvania · 1932
- Wheeler v. St. Paul Crushed Stone Co.Indiana Supreme Court · 1921
- Smith v. CookCourt of Appeals of Texas · 1939
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