Waring v. Gaskill
Supreme Court of Georgia
Action on notes. Before Judge Attaway. City court of Cartersville. June term, 1894. Waring executed to Gaskill, cashier of the Fourth National Bank of Chattanooga, three promissory notes dated May 6, June 8, and 14, 1893, for $375, $75 and $200, respectively.
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Action on notes. Before Judge Attaway. City court of Cartersville. June term, 1894. Waring executed to Gaskill, cashier of the Fourth National Bank of Chattanooga, three promissory notes dated May 6, June 8, and 14, 1893, for $375, $75 and $200, respectively. To secure their payment he pledged two shares of stock of the par value of $1,000 each, stipulating in the first note that the holder should have power to sell the pledge at public or private sale at the bank, in ease of failure to pay this or either of the other notes, “at any time thereafter, and without advertising the same or…
1Opinion of the Court
Lumpkin, Justice.
The material facts are stated by the,reporter.
It was error to strike the defendant’s plea. The sale of the stock pledged as collateral security for the payment of one of the notes in suit, without giving the ten days notice to the defendant as required by the contract, was illegal. Under such circumstances, the sale was neither more nor less than a conversion of the property by the plaintiff, the more especially when he himself became the purchaser at his own sale. This being so, we think it clear that it was the right of the defendant, in his defense to the action brought…
2Cases cited1 opinion
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