Sampson v. Fox
Supreme Court of Alabama
Appeal from the Circuit Court of Colbert. Tried before the Hon. H. C. Speake. 1. The taking of the collateral did not impair the original liability of appellee. —4 Ala. 58. 2. The original debtor can be sued, although his creditor has collaterals in his hands. All that is required is that the creditor produce the collaterals on the trial and offer to surrender them. — 41 Ala. 222; 27 Ala. 254. The only obligation on one who holds collateral is to try to collect it.
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Appeal from the Circuit Court of Colbert. Tried before the Hon. H. C. Speake. 1. The taking of the collateral did not impair the original liability of appellee. —4 Ala. 58. 2. The original debtor can be sued, although his creditor has collaterals in his hands. All that is required is that the creditor produce the collaterals on the trial and offer to surrender them. — 41 Ala. 222; 27 Ala. 254. The only obligation on one who holds collateral is to try to collect it. If he fails to collect, and is not chargeable with laches, ho may recover on the original debt. — 1 Brick. Dig. p. 288, § 517.…
1Opinion of the CourtBrickell, C. J.
The action is founded on two promissory notes made by appellee, payable to the order of Hinton E. Carr, at the Tuscumbia Banking Company, Tuscumbia, Alabama; the one of date September 5th, 1892, for the payment of one hundred dollars, thirty days after date ; the other of like tenor, of date November 28'th, 1892, for the payment of ’ three hundred and six dollars, sixty days after date. The first note contains a clause in these words, after the words value received: 1 ‘having deposited or pledged as collateral for the payment of this pote, pledging as collateral security for same, my account…
2Cases cited6 opinions
- Henry v. Murphy & Co.Supreme Court of Alabama · 1875
- Smith v. HuckabeeSupreme Court of Alabama · 1875
- Miller v. Irby's Adm'rSupreme Court of Alabama · 1879
- Lehman Bros. v. McQueenSupreme Court of Alabama · 1880
- Burwell & Clarke v. SpringfieldSupreme Court of Alabama · 1849
1 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Brush Electric Light & Power Co. v. City CouncilSupreme Court of Alabama · 1896
- Luquire Funeral Homes Ins. Co. v. TurnerSupreme Court of Alabama · 1938
- First Nat. Bank of Birmingham v. FormanSupreme Court of Alabama · 1935
- Hood v. HammondSupreme Court of Alabama · 1900
- Jerome H. Sheip, Inc. v. BaerSupreme Court of Alabama · 1923
12 more not listed; retrieve them via the Exa API.