Fay v. Gray
Massachusetts Supreme Judicial Court
Contbact for money lent. The defendant filed a declaration in set-off, on an account annexed, for the proceeds of the sale of certain shares of stock pledged by him to the plaintiff as security for the loan.
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Contbact for money lent. The defendant filed a declaration in set-off, on an account annexed, for the proceeds of the sale of certain shares of stock pledged by him to the plaintiff as security for the loan. At the trial in the Superior Court, before Gardner, J., it was admitted that on January 4, 1876, the plaintiff lent the defendant $1000 at two per cent, a month, receiving as security a certificate for twenty-five shares of stock in the American Molded Collar Company, numbered 614, and standing in the name of Louise Page, on the back of which was a printed form of transfer, with the date…
1Opinion of the CourtSoule, J.
The transfer on the back of the certificate of stock, signed by Louise Page, was absolute in terms; but, in order to protect the defendant, the plaintiff signed the receipt of January 4, 1876, in which he admits that he received the stock as collateral security for a loan, and was not entitled to sell it till after one day’s notice of his intention to do so. This receipt contains in concise language the contract under which the plaintiff took the stock, and it was not competent for him to prove by paroi that, when he took it and signed the receipt, a different arrangement from that stated in…
2Cases cited1 opinion
- Day v. HolmesMassachusetts Supreme Judicial Court · 1869
3Cited by9 opinions
- Hall v. PaineMassachusetts Supreme Judicial Court · 1916
- Dana v. Wildey Savings BankMassachusetts Supreme Judicial Court · 1936
- Monotype Composition Co. v. KiernanMassachusetts Supreme Judicial Court · 1946
- Somerville National Bank v. HornblowerMassachusetts Supreme Judicial Court · 1936
- Terry v. Birmingham National BankSupreme Court of Alabama · 1890
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