Albertson v. Laughlin
Supreme Court of Pennsylvania
Appeal, No. 155, July T., 1895, by plaintiff, from decree of C. P. No. 3, Pbila. County, June T., 1893, No. 1153, dismissing bill in equity. Bill in equity to compel tbe surrender of two promissory notes.
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Appeal, No. 155, July T., 1895, by plaintiff, from decree of C. P. No. 3, Pbila. County, June T., 1893, No. 1153, dismissing bill in equity. Bill in equity to compel tbe surrender of two promissory notes. Tbe plaintiff in bis bill averred tbat prior to February 14, 1893, be bad been engaged in stock gamblmg through and with Laughlin and McManus; tbat on that day be bad delivered to defendant, Laughlin, a certain note dated Chicago, January 1, 1890, by Oscar S. Bass, to bis order, promising to pay, on or before nine years thereafter, tbe sum of $29,134.92 with interest yearly, which was…
1Opinion of the Court
Opinion by
Mr. Justice Williams,
The important facts in this case may be very briefly stated. The defendants Laughlin and McManus were stock brokers. Albertson, the plaintiff, had been for some years one of their customers. In February, 1893, he borrowed $10,000 from Laughlin for which he gave his own note. About the same time he turned over to Laughlin a note for $29,134.92, which was known as the “ Bass note,” as collateral security for the payment of his own note and for the payment of “ any losses that might be be*529tween the said firm of Laughlin and McManus and said Lewis Albertson ” in…
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