Drovers National Bank v. Denver Live Stock Exchange

These parties occupy the same relative position as in the trial court. For convenience plaintiff in error is hereinafter referred to as “plaintiff” or “the bank,” and defendant in error, The Denver Live Stock Exchange, as “defendant” or “the exchange.”

The question before us is the right of defendant to resort to memberships on the exchange to compensate it for its voluntary discharge of certain obligations of former holders, as against the bank to which said memberships had been assigned as collateral.

The Denver Live Stock Exchange is an association so similar to others of the kind throughout…