O'Neill v. Whigham
Supreme Court of Pennsylvania
Error to the Court of Common Pleas, No. 1, of Allegheny eo'unty: Of October and November Term 1878, No. 48. Assumpsit by William Whigham, trustee of the Commercial Banking Company, against James O’Neill, on two promissory notes.
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Error to the Court of Common Pleas, No. 1, of Allegheny eo'unty: Of October and November Term 1878, No. 48. Assumpsit by William Whigham, trustee of the Commercial Banking Company, against James O’Neill, on two promissory notes. In his affidavit of defence the defendant admitted the making and delivery of the notes, but averred that at the time of making the same he had transferred to the plaintiff, as collateral security, certain stock of the Pittsburgh and McKeesport Car Company, of the par value of $5000; that the transfer was duly made on the certificate of stock; that the plaintiff held…
1Opinion of the Court
The judgment of the Supreme Court was entered
2Per curiam
The negligence of the plaintiff in this case was simply delay, prompted by no notice, or any fact to indicate to him a necessity to sell the collateral, not only for his own benefit but for that of his debtor; and the cause of loss was an accident unforeseen, and not likely to be foreseen. The stock itself was at its par value for the $5000, while its market value was but about $1400. Had the plaintiff sold the stock without notice to or from the defendant, it might have raised a serious question as to the plaintiff’s liability for the sacrifice.…
3Cited by4 opinions
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