Marine Bank & Trust Co. v. Greenville Savings Bank & Trust Co.
Mississippi Supreme Court
Appeal from chancery court of Washington county. Hon. E. N. Thomas, Chancellor. Suit by the Greenville Savings Bank & Trust Company against the Marine Bank & Trust Company. From a decree for complainant, defendant appeals. The negotiation of the warehouse receipts in this case was valid and binding. I. A Becorded M-ortgage cannot Destroy in Effect the Warehouse Beceipts Act.
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Appeal from chancery court of Washington county. Hon. E. N. Thomas, Chancellor. Suit by the Greenville Savings Bank & Trust Company against the Marine Bank & Trust Company. From a decree for complainant, defendant appeals. The negotiation of the warehouse receipts in this case was valid and binding. I. A Becorded M-ortgage cannot Destroy in Effect the Warehouse Beceipts Act. It is a presumption in law, not needing the citation of authority, that a legislative act is presumed to be purposeful and valid and that the legislature will not be presumed to have intended to do a vain thing. The…
1Opinion of the CourtCook, J.
*95The complainant, Greenville Savings Bank & Trust Company, filed its bill of complaint in the chancery court of Washington county, seeking thereby to establish a lien upon certain cotton which was then stored in the warehouse of the Greenville Compress Company, and for which compress receipts had been issued and negotiated to the defendant, Marine Bank & Trust Company, and from a decree for the complainant this appeal was prosecuted.
The cause was submitted upon an agreed statement of facts, from which it appears: That on January 6, 1920, in order to secure a loan of fifteen thousand dollars,…
2Cases cited2 opinions
- Commercial National Bank v. Canal-Louisiana Bank & Trust Co.Supreme Court of the United States · 1916
- W. S. Brown Mercantile Co. v. Yielding Bros. Department Store, Inc.Supreme Court of Alabama · 1917
3Cited by7 opinions
- McGee v. CarverMississippi Supreme Court · 1926
- Tennessee Joint Stock Land Bank v. Bank of GreenwoodMississippi Supreme Court · 1937
- Ellsworth v. BusbyMississippi Supreme Court · 1935
- Oxford Production Credit Ass'n v. DyeMississippi Supreme Court · 1979
- Schmitt v. Federal Compress & Warehouse Co.Mississippi Supreme Court · 1934
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