Tennessee Chemical Co. v. George

1. “In a suit by the owner and holder of a promissory note against the maker, where the defendant had deposited certain personal property with the plaintiff as collateral security for the note sued on and the plaintiff has converted the property to his own use, the defendant can maintain a cross-action for the difference between the value of the converted property and the balance due by the defendant on the note, where it is not shown that the property has been converted into money.”

2. The above-stated ruling in this case was made by the Supreme Oourt (in answer to a certified question by…