Goodwin v. Massachusetts Loan & Trust Co.
Massachusetts Supreme Judicial Court
Bill in equity, brought by the assignees of Robert Scott under an assignment for the benefit of his creditors, against the defendant trust company, the members of the firm of Manning and Sears and its assignees under a like assignment, John H. Clisby, Robert Scott, and the members of the firms of Walter T. Miller and Company and of Thayer, Brigham, and Company, to recover the surplus proceeds of certain cotton pledged to the trust company as collateral security for advances.
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Bill in equity, brought by the assignees of Robert Scott under an assignment for the benefit of his creditors, against the defendant trust company, the members of the firm of Manning and Sears and its assignees under a like assignment, John H. Clisby, Robert Scott, and the members of the firms of Walter T. Miller and Company and of Thayer, Brigham, and Company, to recover the surplus proceeds of certain cotton pledged to the trust company as collateral security for advances. Hearing before I)evens, J., who reserved the case upon the pleadings, the master’s report, and exceptions thereto, for…
1Opinion of the CourtField, C. J.
Robert Scott and the firm of Manning and Sears both failed on March 30, 1878, being at that time largely indebted to the trust company for advances. Before these failures respectively, Scott had pledged 719 bales of cotton to the trust company to secure his indebtedness, and Manning and Sears had to secure their indebtedness pledged to it 3,314 bales of cotton, besides their promissory note for $20,000, indorsed by Scott “ waiving demand and notice,” and their draft for $9,000 on Miller and Company, accepted by that firm. The latter firm took up this acceptance by depositing with the trust…
2Cases cited16 opinions
- Railroad Co. v. National BankSupreme Court of the United States · 1880
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