White v. Phelps
Supreme Court of Minnesota
Tbis action was commenced in the Court of Common Pleas, Ramsey county. The plaintiff for a cause of action alleged, substantially, that one Benjamin Phelps executed to him his promissory note, and transferred and delivered to him a certain promissory note of the defendant, then past due, (described in the complaint,) as collateral Security for its payment; that the said note of Benjamin Phelps was due and unpaid. lie demanded judgment against the defendant for the amount due…
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Tbis action was commenced in the Court of Common Pleas, Ramsey county. The plaintiff for a cause of action alleged, substantially, that one Benjamin Phelps executed to him his promissory note, and transferred and delivered to him a certain promissory note of the defendant, then past due, (described in the complaint,) as collateral Security for its payment; that the said note of Benjamin Phelps was due and unpaid. lie demanded judgment against the defendant for the amount due on his note so pledged by Benjamin Phelps. A demurrer was interposed to the complaint, which was sustained by the court…
1Opinion of the Court
By the Court
JVIcMillaN, -J.
The principal question presented by the demurrer to the complaint in this action is whether the transfer and delivery of a promissory note after maturity, and without endorsement, as collateral security, for the payment of a debt, enables the pledgee, upon default of the pledgor, to maintain an action on the note in his own name against the maker. The transaction is in the nature of a pledge, and the rights and liabilities of the parties must be determined by the law applicable to pledges of personal property of this character. It is a well settled rule of law…
2Cases cited1 opinion
- Pease, Chalfant & Co. v. RushSupreme Court of Minnesota · 1858
3Cited by15 opinions
- Indian River State Bank v. Hartford Fire InsuranceSupreme Court of Florida · 1903
- State v. ElijahSupreme Court of Minnesota · 1940
- State v. BarrettSupreme Court of Minnesota · 1889
- Withers v. SandlinSupreme Court of Florida · 1895
- Laing v. Gainey Builders, Inc.District Court of Appeal of Florida · 1966
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