Bank of Tupelo v. Thompson
Supreme Court of Alabama
Appeal from Birmingham City Court. Heard before Hon. W. M. Walker. Action by Marion Louise Thompson against William D. Nesbitt, individually and as trustee, to recover certain shares of corporate stock and for the conversion of the stock. ’ Defendant disclaimed any title to the stock, whereupon the Bank of Tupelo was substituted as defendant, and asserted its claim thereto. Judgment for plaintiff, and the substituted defendant appeals.
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Appeal from Birmingham City Court. Heard before Hon. W. M. Walker. Action by Marion Louise Thompson against William D. Nesbitt, individually and as trustee, to recover certain shares of corporate stock and for the conversion of the stock. ’ Defendant disclaimed any title to the stock, whereupon the Bank of Tupelo was substituted as defendant, and asserted its claim thereto. Judgment for plaintiff, and the substituted defendant appeals. The method adopted and permitted by the court to prove the existence of the original of the transfer was improper. — Torrey v. Burney, 113 Ala. 496; Home v.…
1Opinion of the Court
ANDERSON, C. J. —
There is no. controversy over the fact that the plaintiff authorized, the firm of Thompson & Wallace to use the warehouse stock as security for a “margin” to the bank for paying for cotton purchased by said firm. . There was also evidence as to what the •term “margin” meant, and which was to the effect that it meant to secure the bank against a shrinkage or diminution in the value of the cotton from the price paid and the price for which it was subsequently sold. There was evidence from which the jury could infer that the balance due the bank, at the time of the failure, was…
2Cases cited4 opinions
- Spira v. Hornthall, Whitehead, Weissman & Co.Supreme Court of Alabama · 1884
- First National Bank v. NelsonSupreme Court of Alabama · 1894
- Hawkins v. Damson & AbrahamSupreme Court of Alabama · 1913
- Birmingham Water Works Co. v. HumeSupreme Court of Alabama · 1898
3Cited by1 opinion
- Mobile Towing & Wrecking Co. v. HartwellSupreme Court of Alabama · 1922