Atkinson Co. v. Hibernia Nat. Bank in New Orleans

FOURNET, Justice.

This suit was instituted by Atkinson & Co., the owner of 400 bales of cotton, to recover negotiable warehouse receipts therefor which they alleged are in the possession of defendant without legal right thereto.

The defendant, Hibernia National Bank in New Orleans, in answer to plaintiff’s demand, admitted that the receipts are in its possession but averred that they are held by it in pledge to secure the payment of four drafts, aggregating the sum of $9,000, which, together with the collateral security, it had purchased from the Hibernia Bank & Trust Company, in liquidation,…