Holmes, Lafferty & Co. v. German Security Bank
Supreme Court of Pennsylvania
Error to the Court of Common Pleas, No. 2, of Allegheny county: Of October and November Term 1878, No. 165. Assumpsit by the German Security Bank of Louisville, Kentucky, against Holmes, Lafferty & Co. On the trial of the cause it was proven that for several years J. M. Harper, of Louisville, Kentucky, had been shipping car loads of live stock to Holmes, Lafferty & Co., of Pittsburgh, to be sold on commission, and making drafts on them as soon as shipped, based on the bills…
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Error to the Court of Common Pleas, No. 2, of Allegheny county: Of October and November Term 1878, No. 165. Assumpsit by the German Security Bank of Louisville, Kentucky, against Holmes, Lafferty & Co. On the trial of the cause it was proven that for several years J. M. Harper, of Louisville, Kentucky, had been shipping car loads of live stock to Holmes, Lafferty & Co., of Pittsburgh, to be sold on commission, and making drafts on them as soon as shipped, based on the bills of lading which accompanied the drafts. These drafts were usually discounted by the German Security Bank, and were…
1Opinion of the Court
The judgment of the Supreme Court was entered
Per, Curiam.
The bill of lading was attached to the draft in this case as a security for its payment. It was therefore evidence of an appropriation of the proceeds of sale of the property contained in the bill of lading, whether the bill was endorsed or not. The consignment to the defendants was for sale only, and therefore when they had notice of the draft and bill of lading before sale, they were informed of the appropriation of the proceeds of sale, and could not apply them to an old debt of their own.
Judgment affirmed.
2Cited by10 opinions
- Ray v. West. Penna. N. Gas Co.Supreme Court of Pennsylvania · 1891
- J. H. Richardson & Co. v. NathanSupreme Court of Pennsylvania · 1895
- Third National Bank of St. Louis v. HaysTennessee Supreme Court · 1907
- Harrison, Frazier & Co. v. Mora, Ona & Co.Supreme Court of Pennsylvania · 1892
- Sloan v. JohnsonSuperior Court of Pennsylvania · 1902
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