Taylor v. Cheever
Massachusetts Supreme Judicial Court
Assumpsit on the following instrument: “ Boston, January 8th 1848. Whereas Mr. Arnold W. Taylor has signed a note for five hundred dollars, payable to Davis W. Eussell, and has received five shares in trust of the St. Croix Falls Co. as security, now therefore I hereby agree to pay said note and receive said shares in case said Davis W. Eussell fail so to do in twelve months from date. Said shares being in the name of E. Eantoul, Jr. B. H. Cheever.”
Read the full summary
Assumpsit on the following instrument: “ Boston, January 8th 1848. Whereas Mr. Arnold W. Taylor has signed a note for five hundred dollars, payable to Davis W. Eussell, and has received five shares in trust of the St. Croix Falls Co. as security, now therefore I hereby agree to pay said note and receive said shares in case said Davis W. Eussell fail so to do in twelve months from date. Said shares being in the name of E. Eantoul, Jr. B. H. Cheever.” The case was referred, by rule of court; and the referee made an award in favor of the plaintiff, subject to the opinion of the court upon these…
1Opinion of the CourtMetcalf, J.
There can be no doubt of the correctness of *148the referee’s decision. Looking only at the terms of the defendant’s agreement, and taking for granted that the recital therein, as to the plaintiff’s having received the shares as security, was true, or that the plaintiff is estopped to deny its truth, nothing can be more clear than that the promise to pay the note was not on condition that the plaintiff should transfer to him those shares. The holder of collateral security is not required to give it up before he can maintain an action on his principal claim, unless he has stipulated so to do. And…
2Cases cited3 opinions
- Trotter v. CrockettSupreme Court of Alabama · 1835
- Chapman v. CloughSupreme Court of Vermont · 1834
- Kemmil v. WilsonU.S. Circuit Court for the District of Pennsylvania · 1822