First National Bank v. Charles Nelson & Co.
Supreme Court of Georgia
Equity. Pledges. Notice. Tried by Judge Cole. Bibb Superior Court.' May Term, 1868. Megrath & Patterson were grocers and commission-merchants, on Poplar street, Macon, Georgia. On the 10th of December, 1867, they mortgaged to one Holmes, all their stock of goods, wares and merchandize, and their choses in action, to secure about $10,000 00, due by them to said Holmes.
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Equity. Pledges. Notice. Tried by Judge Cole. Bibb Superior Court.' May Term, 1868. Megrath & Patterson were grocers and commission-merchants, on Poplar street, Macon, Georgia. On the 10th of December, 1867, they mortgaged to one Holmes, all their stock of goods, wares and merchandize, and their choses in action, to secure about $10,000 00, due by them to said Holmes. This mortgage was not recorded till the 4th of January, 1868. It was foreclosed, and a levy of the mortgage was made upon the stock in store, including certain whiskey and bacon, on which The First National Bank of Macon had a…
1Opinion of the CourtMcCay, J.
1. The general rule of the common law is, that every man dealing with another in reference to property that other may have in his possession, must “ take care,” caveat emptor. The property may be stolen, or borrowed, or pledged, or in the possession of a bailee for some specific purpose, and if so, the party in possession can convey no better or further right than he has himsolf. Broome’s Legal Maxims, (355, 267); Irwin’s Code, sec. 2597. There are some exceptions to this rule, as where the property is money, or promissory notes not due, and also cases where the conduct of the true owner is…
2Cited by27 opinions
- Grant v. HartSupreme Court of Georgia · 1944
- Stephens v. John L. Roper Lumber Co.Supreme Court of North Carolina · 1912
- Bank of Oglethorpe v. BrooksCourt of Appeals of Georgia · 1924
- Carpenter v. WilliamsCourt of Appeals of Georgia · 1930
- Maryland Casualty Co. v. Washington Loan & Banking Co.Supreme Court of Georgia · 1928
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