New York Security & Trust Co. v. Equitable Mortg. Co.
U.S. Circuit Court for the District of Southern New York
This was a suit by the New York Security & Trust Company and others against the Equitable Mortgage Company. The cause was heard on exceptions to the report of a special master. The special master was appointed to take such proof as might be offered by any of the parties to the cause, or by any creditors or stockholders of the Equitable Mortgage Company, concerning its indebtedness, and specially to take proof of the claim of the First National Bank of Candor.
Read the full summary
This was a suit by the New York Security & Trust Company and others against the Equitable Mortgage Company. The cause was heard on exceptions to the report of a special master. The special master was appointed to take such proof as might be offered by any of the parties to the cause, or by any creditors or stockholders of the Equitable Mortgage Company, concerning its indebtedness, and specially to take proof of the claim of the First National Bank of Candor. The bank claims to be the owner, by assignment from the Natchez Water & Sewer Company, of certain coupons belonging to bonds of that…
1Opinion of the Court
LACOMBE, Circuit Judge.
If these particular coupons were included in the security which Post, Martin & Co. took as collateral for their advance, and which security the Equitable Mortgage Company subsequently purchased from the pledgee, the First National Bank of Candor has no title to them. If the Natchez Water Company did not pledge them, or if the pledgee subsequently released them from the pledge, and did not sell them to the mortgage company, then they became simply unissued promises to pay of the water company, which happened to be kept, not in their own office, but in the convenient…
2Cited by3 opinions
- Crawford v. Washington Northern R.Court of Appeals for the Ninth Circuit · 1916
- In re Third Ave. Transit CoreDistrict Court, S.D. New York · 1954
- Mississippi Valley Trust Co. v. Washington Northern R. Co.District Court, W.D. Washington · 1914