Osborn v. Byrne
Supreme Court of Connecticut
Petition for advice as to the execution of their trust, by the receivers of the Townsend Savings Bank of New Haven; brought to the Superior Court in New Haven County.
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Petition for advice as to the execution of their trust, by the receivers of the Townsend Savings Bank of New Haven; brought to the Superior Court in New Haven County. The petition, after alleging the insolvency of the bank and the appointment of the petitioners as receivers of its assets, by the Superior Court, under the statute, proceeded as follows: Your petitioners further say that a large portion of the assets of said bank consists of loans made on security by said bank to different individuals and corporations, and your petitioners have found in collecting said loans, that in many cases…
1Opinion of the CourtPark, C. J.
Suppose that A should loan to B a thousand dollars. We will suppose A to be an experienced stock broker, and that B knowing this fact, and desiring to avail himself of his skill, deposits with him $1,000, to be invested for his benefit. For a time B receives large returns from M’s investments; but at length a reverse comes, and nearly all the money deposited with M is lost. In a suit then brought by M against B for the money loaned, could B set off the $1,000 deposited with M? No one would claim that he could. But do these depositors, with the exception perhaps of Margaret Byrne, stand in any…
2Cases cited2 opinions
- Coite v. Society for SavingsSupreme Court of Connecticut · 1864
- Bunnell v. Collinsville Savings SocietySupreme Court of Connecticut · 1871
3Cited by21 opinions
- Lippitt v. Thames Loan & Trust Co.Supreme Court of Connecticut · 1914
- Mitchell v. BeckmanCalifornia Supreme Court · 1883
- Upham v. BramwellOregon Supreme Court · 1922
- Alexiou v. Bridgeport-Peoples' Savings BankSupreme Court of Connecticut · 1930
- Lewis v. Lynn Institution for SavingsMassachusetts Supreme Judicial Court · 1889
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