Canfield v. State Nat. Bank of Minneapolis
U.S. Circuit Court for the District of Minnesota
[In equity. Bill by Thomas H. Canfield against the State National Bank of Minneapolis and the Minneapolis Agricultural & Mechanical Association, to establish an equity in stock and property of the defendant corporation the agricultural association.] In this cause a motion is made for an injunction, and is heard upon bill, and answer used by defendants as an affidavit, and a counter affidavit.
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[In equity. Bill by Thomas H. Canfield against the State National Bank of Minneapolis and the Minneapolis Agricultural & Mechanical Association, to establish an equity in stock and property of the defendant corporation the agricultural association.] In this cause a motion is made for an injunction, and is heard upon bill, and answer used by defendants as an affidavit, and a counter affidavit. The allegations in the bill of complaint are, briefly, that the complainant is the owner of about sixty-five acres of land in Hennepin county, in this district, of which he is in possession, and that the…
1Opinion of the Court
NELSON, District Judge.
The shares of •stock held by the bank are a security not objectionable, in my opinion, to section 5136, par. 7. Itev. St. U. S. If so, the right to sell three hundred shares pledged as collateral to the King notes, originally given Brack-ett and Mendenhall, is not doubtful. A second pledgee holds the security to the extent of the debt for which it is pledged, and can sell at any time after the debt is due and payable. It is optional with the bank to stind to its remedy against the pledge or sue for its debt, and the law gave it. the right to sell, ex mero motu, on…
2Cases cited1 opinion
- Minneapolis Association v. CanfieldSupreme Court of the United States · 1887