Nelson v. Owen
Supreme Court of Alabama
Bill in Equity to Compel Restoration of Stock Pledged for a Debt. Appeal from the Chancery Court of Jefferson. The bill in this case was filed on March 3, 1894, by Charles N. Owen, the appellee, against the appellants, who were executors of the last will and testament of Charles Nelson, and others, to recover title to 48 shares of stock in the North Birmingham Land Company, represented by certificate A — 296, or, in lieu thereof, to have another certificate issued to him by…
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Bill in Equity to Compel Restoration of Stock Pledged for a Debt. Appeal from the Chancery Court of Jefferson. The bill in this case was filed on March 3, 1894, by Charles N. Owen, the appellee, against the appellants, who were executors of the last will and testament of Charles Nelson, and others, to recover title to 48 shares of stock in the North Birmingham Land Company, represented by certificate A — 296, or, in lieu thereof, to have another certificate issued to him by said North Birmingham Land Company. The bill alleges that said certificate was in the name of said C. N. Owen and was…
1Opinion of the Court
BEIOKELL, O. J.
Three of the causes of demurrer to the bill, are founded on the ground, that for the conversion of the stock, the complainant had an adequate remedy at law ; the essence of the remaining causes, is, that the bill should by proper averments have negatived the right and equity of Perkins and of Nelson, to protection as l)ona fide purchasers of the stock.
When a pledgee by an unauthorized sale, or other unauthorized disposition, converts the pledge, the pledgor upon paying or tendering payment of the debt, may maintain trover for the conversion, and. this remedy is generally deemed…
2Cases cited9 opinions
- McNeil v. . the Tenth National BankNew York Court of Appeals · 1871
- Shaw v. Railroad Co.Supreme Court of the United States · 1880
- Johnson v. ToulminSupreme Court of Alabama · 1850
- Scaife & Co. v. StovallSupreme Court of Alabama · 1880
- East Birmingham Land Co. v. DennisSupreme Court of Alabama · 1888
4 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Dewberry v. Bank of Standing RockSupreme Court of Alabama · 1933
- Tennent v. Union Central Life InsuranceMissouri Court of Appeals · 1908
- McKleroy v. MusgroveSupreme Court of Alabama · 1919
- First Nat. Bank of Birmingham v. FormanSupreme Court of Alabama · 1935
- Mobile Towing & Wrecking Co. v. HartwellSupreme Court of Alabama · 1922
14 more not listed; retrieve them via the Exa API.