Winship & Bros. v. Merchants National Bank
Supreme Court of Arkansas
APPEAL from Pulaski Circuit Court. Hon. J. W. Martin, Circuit Judge. "Where a note is transferred only by way of collateral security or indemnity against probable future loss, it is not such a holding for value as comes within the rule that protects the holder against all equities of others interested. IS Ark., 150; 5 Johns. Ch., 54; 20 Johns., 637; 6 Hill, N. Y.,93; 4 Barb., 304; % Land Gt., 166; 18 Barb., 187; 2 Kern., 561; 6 Penn.
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APPEAL from Pulaski Circuit Court. Hon. J. W. Martin, Circuit Judge. "Where a note is transferred only by way of collateral security or indemnity against probable future loss, it is not such a holding for value as comes within the rule that protects the holder against all equities of others interested. IS Ark., 150; 5 Johns. Ch., 54; 20 Johns., 637; 6 Hill, N. Y.,93; 4 Barb., 304; % Land Gt., 166; 18 Barb., 187; 2 Kern., 561; 6 Penn. St., 123; 11 Serg. $ B., 377; 10 N. H., 266; 3 Geo., 47; 1 N. J., 265; 31 Mo., 205. The clause in Camp’s note “ or any other liability or liabilities of the…
1Opinion of the CourtSmith, J.
Winship & Brother were manufacturers of cotton gins, presses and fixtures, residing at Atlanta, Georgia. Camp was the agent in Arkansas for the sale of their machinery. He was authorized to sell partially upon credit, and to take notes payable to his principals. He did make certain sales, but in disregard of his instructions, the purchase notes were drawn payable to his own order. Before maturity of these notes, amounting in the aggregate to $850, he pledged them to the bank as collateral security for a loan of $200, then made to him, and also for the payment of any other liability that he…
2Cases cited5 opinions
- Swift v. TysonSupreme Court of the United States · 1842
- Oates v. National BankSupreme Court of the United States · 1879
- Fisher v. FisherMassachusetts Supreme Judicial Court · 1867
- Morris v. PrestonIllinois Supreme Court · 1879
- Bank of New York v. VanderhorstNew York Court of Appeals · 1865
3Cited by4 opinions
- Miles v. DodsonSupreme Court of Arkansas · 1912
- Little v. Arkansas National BankSupreme Court of Arkansas · 1914
- Fox v. StateSupreme Court of Arkansas · 1912
- Bank of Paris v. PearsonSupreme Court of Arkansas · 1899