Schaaf v. Fries
Missouri Court of Appeals
Appeal from the St. Louis City Circuit Court. — Hon. Horatio D. Wood, Judge. The pledgee is in effect a trustee for the pledgor. While the property is in his possession he should treat it as trust property.
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Appeal from the St. Louis City Circuit Court. — Hon. Horatio D. Wood, Judge. The pledgee is in effect a trustee for the pledgor. While the property is in his possession he should treat it as trust property. Jones on Pledges, see. 405; Union Trust Co. v. Rigdon, 93 Ills. 458. No matter to what extent the powers of the pledgee in the sale of the pledge may be enlarged by contract, still his duty to act in good faith and to treat the pledge in his hands as trust property in which the pledgor has a right to the surplus, if any, arising after a sale made in good faith, and for the best price which…
1Opinion of the CourtBiggs, J.
The Schaaf-Fries Dry Goods Company was incorporated with a capital stock of $12,000. The shares of stock were of the par value of $100 each. John G. Schaaf owned fifty-nine shares of the stock, and his wife one share. Oscar Fries and his wife owned the remaining shares. Schaaf died March 1, 1896. In March, 1895, he borrowed of Theresa Fries, the mother of Oscar Fries, $1,900, for which he executed his note. This note matured, to wit, March 23,1896, subsequent to the death of Schaaf. To secure this note Schaaf hypothecated his fifty-nine shares of stock in the dry goods company. The note…
2Cases cited5 opinions
- Beeson v. BeesonSupreme Court of Pennsylvania · 1848
- Garesché v. MacDonaldSupreme Court of Missouri · 1890
- Voegeli v. Pickel Marble & Granite Co.Missouri Court of Appeals · 1892
- Robinson v. DrydenSupreme Court of Missouri · 1893
- Russell v. HaydenSupreme Court of Minnesota · 1889
3Cited by7 opinions
- Aaron v. United StatesCourt of Appeals for the Eighth Circuit · 1907
- State v. RossSupreme Court of Missouri · 1926
- Schaaf v. FriesMissouri Court of Appeals · 1901
- Edwards v. Metropolitan Street Railway Co.Missouri Court of Appeals · 1905
- Phelan v. Granite Bituminous Paving Co.Missouri Court of Appeals · 1905
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