Ward v. City Trust Co. of New York
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered January 22, 1907, affirming a judgment in favor of defendants entered upon the report of a referee. The nature of the action and the facts, so far as material, are stated in the opinion. The City Trust Company having received the money of the Hartman Company in payment of Umsted’s debt, is liable to the Hartman Company for the money so unlawfully taken.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered January 22, 1907, affirming a judgment in favor of defendants entered upon the report of a referee. The nature of the action and the facts, so far as material, are stated in the opinion. The City Trust Company having received the money of the Hartman Company in payment of Umsted’s debt, is liable to the Hartman Company for the money so unlawfully taken. The appellant, as a judgment creditor of the Hartman Company, whose execution has been returned unsatisfied, has a right to reach…
1Opinion of the CourtVann, J.
In March, 1901, Frank A. Umsted, but recently a salesman in the employ of the Hartman Manufacturing Company, a Pennsylvania corporation, and William L. Kiefer, a lawyer, borrowed $125,000 of the defendant, the City Trust Company, a Hew York corporation, in their own names and for their own benefit. They had previously arranged to purchase the entire capital stock of the Hartman Company of the face value of $250,000 for $110,000, and' they used enough of the proceeds of the loan to pay for such stock, which they pledged as collateral to their promissory note given to secure the loan. The trust…
2Cases cited13 opinions
- Bartlett v. . DrewNew York Court of Appeals · 1874
- Cheever v. Pittsburgh, Shenango & Lake Erie RailroadNew York Court of Appeals · 1896
- Wilson v. Metropolitan Elevated Railway Co.New York Court of Appeals · 1890
- Hathaway v. . County of DelawareNew York Court of Appeals · 1906
- Rochester & Charlotte Turnpike Road Co. v. PaviourNew York Court of Appeals · 1900
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3Cited by133 opinions
- Bischoff v. . Yorkville BankNew York Court of Appeals · 1916
- Atlanta Shipping Corporation, Inc. v. Chemical BankCourt of Appeals for the Second Circuit · 1987
- Trenton Trust Co. v. Western Surety Co.Supreme Court of Missouri · 1980
- Allen v. Puritan Trust Co.Massachusetts Supreme Judicial Court · 1912
- Wen Kroy Realty Co. v. Public National Bank & Trust Co.New York Court of Appeals · 1932
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