Interstate Securities Co. v. Third National Bank
Supreme Court of Pennsylvania
Appeal, No. 208, Jan. T., 1910, by defendant, from judgment of C. P. No. 1, Phila. Co., June T., 1904, No. 1365, on verdict for plaintiff in case of Interstate Securities Company v. Third National Bank. Replevin for bonds. Before Brégy, J. The facts are stated in the opinion of the Supreme Court.
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Appeal, No. 208, Jan. T., 1910, by defendant, from judgment of C. P. No. 1, Phila. Co., June T., 1904, No. 1365, on verdict for plaintiff in case of Interstate Securities Company v. Third National Bank. Replevin for bonds. Before Brégy, J. The facts are stated in the opinion of the Supreme Court. The defendant presented the following points: 3. The bonds in suit being negotiable, they would pass by delivery and the defendant was in no default in accepting them as security for the payment of the $1,011.80 and was not obliged to make inquiry as to the right of Mr. Ely to pledge them. Answer:…
1Opinion of the Court
Opinion by
Mr. Justice Stewart,
The Vandegrift Construction Company had contracted with the West Chester, Kennett and Wilmington Electric Railway Company to build and equip the latter’s line of road. In some way, not explained in the evidence, but presumably under the terms of the contract, the construction company had acquired large holdings in the bonds and stock of the railway company. Its necessities required the borrowing of considerable sums of money in connection with the building of the road, and for this indebtedness, owing to banks and trust companies, including among others the Third…
2Cited by6 opinions
- Long v. Lehigh Coal & Navigation Co.Supreme Court of Pennsylvania · 1928
- Fidelity Title & Trust Co. v. First National BankSupreme Court of Pennsylvania · 1923
- Asphalt v. PhillipsCourt of Appeals of Georgia · 1913
- Alter v. Logan Trust Co.Supreme Court of Pennsylvania · 1948
- Adair v. Paul & Co.Pennylvania Municipal Court, Philadelphia County · 1941
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