New Orleans National Bank v. Eagle Cotton Warehouse & Compress Co.
Supreme Court of Louisiana
APPEAL from the Oivil District Court for the Parish of Orleans, King, J. 1. Plaintiff, pledgee of mortgage notes, has a right to sue thereon in his own name. 36 An. 257; 33 An. 624 ; 30 An. 714; 28 An. 419; 89 An. 322; 21 An. 3. Pledgor’s insolvency does not effect pledgee’s right. 38 An. 864; 1 An. 31; 94 U. S. 734. 2. Pledgor can never come in competition with pledgee, nor in any way diminish or impair the value of the securities pledged.
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APPEAL from the Oivil District Court for the Parish of Orleans, King, J. 1. Plaintiff, pledgee of mortgage notes, has a right to sue thereon in his own name. 36 An. 257; 33 An. 624 ; 30 An. 714; 28 An. 419; 89 An. 322; 21 An. 3. Pledgor’s insolvency does not effect pledgee’s right. 38 An. 864; 1 An. 31; 94 U. S. 734. 2. Pledgor can never come in competition with pledgee, nor in any way diminish or impair the value of the securities pledged. Troplong, des Priv. et Hyp. v. 1, No. 367; Grenier, v. 1, 93; 2 Rob. 241; 29 An. 548. Assignee of bankrupt has a right to claim property pledged only…
1Opinion of the CourtWatkins, J.
Tlie controversy presented by the syndic’s appeal is Ms right of priority over plaintiff, as seizing creditor, and the New Orleans Canal and Banking Company, in the distribution of the pro*815ceeds of the sale of certain hypothecated property of the defendant, said proceeds being insufficient to pay the demands of all.
The following is a summary of the facts, as they appear of record, viz.:
On the 28th of July, 1886, the widow and heirs of Viscount Morand sold to J. B. Lallande several lots of ground situated in the First district of the city of New Orleans, for the price of §11,000, of which…
2Cited by5 opinions
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- Decuir v. CarnesSupreme Court of Louisiana · 1931
- Pringle-Associated Mortgage Corporation v. EanesSupreme Court of Louisiana · 1969
- Pringle-Associated Mortgage Corporation v. EanesSupreme Court of Louisiana · 1969