Nabring v. Bank of Mobile
Supreme Court of Alabama
Appeal from tbe Circuit Court of Mobile. Tried before Hon. John Elliott. Nabring, tbe appellant, borrowed of appellee, tbe bank of Mobile, in 1867, $3,000; and, to secure tbe repayment, be caused to be transferred to tbe bank tbirty-four shares of tbe capital stock of tbe Boyal Street Bailroad Company of that city, on the books of tbe company.' Afterwards be increased tbe security by a mortgage of some real estate.
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Appeal from tbe Circuit Court of Mobile. Tried before Hon. John Elliott. Nabring, tbe appellant, borrowed of appellee, tbe bank of Mobile, in 1867, $3,000; and, to secure tbe repayment, be caused to be transferred to tbe bank tbirty-four shares of tbe capital stock of tbe Boyal Street Bailroad Company of that city, on the books of tbe company.' Afterwards be increased tbe security by a mortgage of some real estate. These tbirty-four shares, by tbe investment of dividends, were increased to fifty-six, which, at tbe time of tbe sheriff’s sale hereinafter mentioned, were worth $5,600. From tbe…
1Opinion of the Court
■MANNING, J.
The first question in this case is, whether or not there was a valid levy and sale of the shares of stock?
By section 2871 of the Revised Code, it is enacted, “Executions may be levied — 1. On real property,” etc.: “2. On *207personal property of the defendant (except things in action), whether he has the absolute title thereto, or the right only to the possession thereof, for his own life, or the life of another, or for a shorter period. But this does not apply to a possession acquired by a tona fide hiring of chattels: 3. On an equity of redemption in either land or personal…
2Cases cited3 opinions
- Stearns v. MarshNew York Supreme Court · 1847
- St. John v. O'ConnelSupreme Court of Alabama · 1838
- Talmage v. HunttingNew York Court of Appeals · 1864
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