Cole v. Dalziel
Appellate Court of Illinois
Appeal from the Superior Court of Cook county; the Hon. Elliott Anthony, Judge, presiding. This action was trover by Dalziel against Cole, in the court below to recover for the wrongful conversion of a promissory note made by third parties, June 13, 1881, for $500, payable to plaintiff’s firm in ninety days.
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Appeal from the Superior Court of Cook county; the Hon. Elliott Anthony, Judge, presiding. This action was trover by Dalziel against Cole, in the court below to recover for the wrongful conversion of a promissory note made by third parties, June 13, 1881, for $500, payable to plaintiff’s firm in ninety days. On the trial upon plea of not guilty before the court without a jury, it appeared that June 14, 1881, the plaintiff borrowed of the defendant a sum of money and thereupon by an instrument under seal of that date, promised to pay Cole the sum of $242 in one month from that date, with…
1Opinion of the CourtMcAllister, J.
Notwithstanding the pledge was commercial paper, yet after a careful reconsideration of the case, we are brought to the conclusion that, under the facts shown upon the trial, the action of trover was not maintainable. The authorities hold that a pledgee of commercial paper has no right, in the absence of a special power to do so, to sell the pledge, but is bound to collect it and apply the proceeds to the payment of the debt, for which the pledge was given. Story on Bailments, 8th ed. § 321; Joliet Iron, etc. Co. v. Scioto Brick Co. 82 Ill. 548; Union Trust Co. v. Higdon, 93 Ill. 458.
But in…
2Cases cited6 opinions
- Sturges v. KeithIllinois Supreme Court · 1870
- Cairnes v. BleeckerNew York Supreme Court · 1815
- Union Trust Co. v. RigdonIllinois Supreme Court · 1879
- Joliet Iron & Steel Co. v. Scioto Fire Brick Co.Illinois Supreme Court · 1876
- Sarjeant v. BluntNew York Supreme Court · 1819
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Kegan v. Park BankSupreme Court of Missouri · 1928
- Harris v. ThomasAppellate Court of Illinois · 1891
- Mead v. StevensAppellate Court of Illinois · 1887