Reid v. Bank of Mobile
Supreme Court of Alabama
Appeal from the Chancery Court of Mobile. Heard before the Hon. II. Austell. The bill in this case was filed on the 28th July, 1875, by John Beid, jr., M. Temple Taylor, and Francis B. Clark, against the Bank of Mobile; and sought to establish and enforce an alleged trust in certain railroad bonds held by the defendant, on the ground that defendant was chargeable with notice of the trust, and of the violation of duty by' the trustee, Cary W. Butt, deceased, in transferring…
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Appeal from the Chancery Court of Mobile. Heard before the Hon. II. Austell. The bill in this case was filed on the 28th July, 1875, by John Beid, jr., M. Temple Taylor, and Francis B. Clark, against the Bank of Mobile; and sought to establish and enforce an alleged trust in certain railroad bonds held by the defendant, on the ground that defendant was chargeable with notice of the trust, and of the violation of duty by' the trustee, Cary W. Butt, deceased, in transferring or parting with the possession of the bonds. The bill alleged that, “ at various times between November, 1871, and March,…
1Opinion of the CourtBrickell, C. J.
The evidence leaves no room for doubt that the bonds of the Mobile and Alabama Grand Trunk Railroad Company were held by Butt as a trustee to secure and protect "the appellants from liability on the promissory note to which they were parties, held by the First National Bank of Tuskaloosa. It was a breach of duty, and a violation of the confidence reposed in him, without the consent of the appellants, to apply these bonds for any other purpose than that of relieving them from liability on that note. Pledging them as collateral security, or making an appropriation of- them for the payment of…
2Cases cited8 opinions
- Lucas v. Bank of DarienSupreme Court of Alabama · 1830
- Blackman v. Lehman, Durr & Co.Supreme Court of Alabama · 1879
- Terrell v. Branch Bank at MobileSupreme Court of Alabama · 1847
- Pepper & Co. v. GeorgeSupreme Court of Alabama · 1874
- Bank of Mobile v. HallSupreme Court of Alabama · 1844
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3Cited by20 opinions
- Frenkel v. HudsonSupreme Court of Alabama · 1886
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- Girard Fire Marine Ins. Co. v. GunnSupreme Court of Alabama · 1930
- Central of Georgia Railway Co. v. JosephSupreme Court of Alabama · 1899
- Spira v. Hornthall, Whitehead, Weissman & Co.Supreme Court of Alabama · 1884
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