Peoples' Bank v. Alabama Great Southern Railroad
Mississippi Supreme Court
Appeal from the Circuit Court of Lauderdale County. Hon. S. H. Terral, Judge. On the 26th of January, 1881, Wilder & Co., cotton buyers, delivered at the town of Meridian in the county above mentioned, 20 bales of cotton to the Alabama Great Southern Railroad Company, to be transported to New York, under consignment to Copeland & Co., but subject to the order of Wilder & Co. Wilder & Co. transferred the bill of lading, taken for the cotton to the People’s Bank of Meridian.
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Appeal from the Circuit Court of Lauderdale County. Hon. S. H. Terral, Judge. On the 26th of January, 1881, Wilder & Co., cotton buyers, delivered at the town of Meridian in the county above mentioned, 20 bales of cotton to the Alabama Great Southern Railroad Company, to be transported to New York, under consignment to Copeland & Co., but subject to the order of Wilder & Co. Wilder & Co. transferred the bill of lading, taken for the cotton to the People’s Bank of Meridian. Before the cotton was-shipped from Meridian, Wilder & Co. failed and the cotton was attached by their creditors and taken…
1Opinion of the CourtCooper, C. J.
The eighth instruction for the defendant should not have been given. Whether the bank had paid a proper privilege tax at the time it acquired the bill of lading is not material to its right to sue. The object of the suit is not to enforce a contract made by the bank in the course of its business; but is to recover property (or its value) acquired by it from a third person. If the contract between the bank and Wilder & Co. was an executory one, and the bank was suing that firm upon the contract, the suit might be defeated by proof of the fact that it had not paid the privilege tax required by…
2Cases cited1 opinion
- Pollard v. Phœnix InsuranceMississippi Supreme Court · 1885
3Cited by2 opinions
- Banks v. McCosker & MolloyCourt of Appeals of Maryland · 1896
- Cunningham Bros. Woolen Co. v. Atlanta National Building & Loan Ass'nMississippi Supreme Court · 1895