Strong v. National Mechanics' Banking Ass'n
New York Court of Appeals
Appeal from an order of the General-Term of the Supreme Court, in the first district, affirming a judgment entered on a verdict directed for the plaintiff.
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Appeal from an order of the General-Term of the Supreme Court, in the first district, affirming a judgment entered on a verdict directed for the plaintiff. The action was brought to recover damages for an alleged conversion of certain bonds deposited with the defendant as security for a loan of $15,000. After the bonds were so pledged, the plaintiff overdrew his account with the defendant in one day to the amount of some $53,000. The defendant thereupon made private sale of said bonds, without any demand of payment or notice of sale to the plaintiff, being unable to find the plaintiff for…
1Opinion of the CourtRapallo, J.
There was a specific pledge of the bonds by Strong to the bank, for an advance of $15,000, payable on demand. In addition to this, the bank claims that it had a banker’s lien on the bonds for Strong’s overdraft of $53,779.89; and it is urged on the part of the appellant, that even if, at the time of the sale, the $15,000 loan was not due for want of a demand of payment, yet the overdraft was due without any demand, and the bank had the right to satisfy that lien. That Strong had absconded, and it being impracticable to give him notice of the time and place of sale, it was lawful to sell…
2Cases cited2 opinions
- Wheeler v. . NewbouldNew York Court of Appeals · 1857
- Stearns v. MarshNew York Supreme Court · 1847
3Cited by9 opinions
- Caswell v. . PutnamNew York Court of Appeals · 1890
- Farwell v. Importers & Traders' National Bank of New YorkNew York Court of Appeals · 1882
- McCrea v. YuleSupreme Court of New Jersey · 1902
- Treadwell v. ClarkAppellate Division of the Supreme Court of the State of New York · 1906
- Phillips v. Bank of Athens Trust Co.New York Supreme Court · 1952
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