Union & Planters Bank v. Duncan
Mississippi Supreme Court
Prom the chancery court of Grenada county. Hon. James 0. Longstreet, Chancellor. The Union & Planters Bank of Memphis, the appellant, was complainant, and Duncan, the appellee, defendant in the court below. From a decree in defendant’s favor the complainant appealed to the supreme court.
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Prom the chancery court of Grenada county. Hon. James 0. Longstreet, Chancellor. The Union & Planters Bank of Memphis, the appellant, was complainant, and Duncan, the appellee, defendant in the court below. From a decree in defendant’s favor the complainant appealed to the supreme court. On January 18, 1903, the Merchants Bank of Grenada, Miss., borrowed from the Union & Planters Bank of Memphis, Tenn., $10,000, and gave its note therefor; and, to secure this note, it assigned, as collateral security, a number of promissory notes held by it. On the 26th of January, 1903, the Merchants Bank of…
1Opinion of the Court
Whitfield, O. J.,
delivered the opinion of the court.
The question in this case is whether the secured creditor of this insolvent bank may prove and receive dividends upon the face of his entire claim — his whole debt — without crediting his collaterals or collections made therefrom and without surrendering the said collaterals. It is a question upon which there is a great conflict in the authorities; hut, after the maturest consideration, we prefer the view that such secured creditor is not so entitled, but must credit the value of the collaterals on the debt, and prove only for the balance.…
2Cases cited2 opinions
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- Amory v. FrancisMassachusetts Supreme Judicial Court · 1820
3Cited by8 opinions
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- Estate of Prescott State BankArizona Supreme Court · 1931
- First Nat. Bank v. GreenSupreme Court of Alabama · 1930
- First National Bank of Seattle v. Mansfield State BankWashington Supreme Court · 1923
- State Ex Rel. Rankin v. Yellowstone Bank & Trust Co.Montana Supreme Court · 1925
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