Powell v. . Waldron
New York Court of Appeals
Appeal from judgment of the General Term of the City Court of Brooklyn, entered upon an order made February 12, 1881, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court on trial at Special Term. This action was brought by plaintiff, as receiver, appointed in supplementary proceedings on execution against Louis L. Robbins, to redeem a seat in the New York Cotton Exchange, of which said Robbins was a member.
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Appeal from judgment of the General Term of the City Court of Brooklyn, entered upon an order made February 12, 1881, which affirmed a judgment in favor of plaintiff, entered upon a decision of the court on trial at Special Term. This action was brought by plaintiff, as receiver, appointed in supplementary proceedings on execution against Louis L. Robbins, to redeem a seat in the New York Cotton Exchange, of which said Robbins was a member. The complaint alleged in substance and it appeared that Robbins pledged his certificate of membership which entitled him to the seat, as collateral…
1Opinion of the CourtFixoh, J.
We think the right ■ of the judgment debtor to a seat in the Cotton Exchange was property. That it had value was proved and is conceded ; and that it could be transferred to a certain class of purchasers, under prescribed rules and conditions, is also established. The defendants took it as collateral to the note of Robbins and held it as security for that debt, and thereby plainly treated it as valuable property. Although of a character somewhat peculiar, its use restricted, its range of purchasers narrow, and its ownership clogged with conditions, it was nevertheless a valuable right,…
2Cases cited5 opinions
- Underwood v. . SutcliffeNew York Court of Appeals · 1879
- Davison v. . Associates of the Jersey CompanyNew York Court of Appeals · 1877
- Tyler v. WillisNew York Supreme Court · 1861
- de Bussierre v. HolladayNew York Supreme Court · 1877
- Clarke v. . SawyerNew York Court of Appeals · 1849
3Cited by37 opinions
- Sparhawk v. YerkesSupreme Court of the United States · 1891
- In Re the Accounting of GrunerNew York Court of Appeals · 1946
- O'Dell v. BoydenCourt of Appeals for the Sixth Circuit · 1906
- Acker v. . LelandNew York Court of Appeals · 1888
- In Re the Appraisal, Under the Transfer Tax Act, of the Estate of HellmanNew York Court of Appeals · 1903
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