Jacquet v. His Creditors
Supreme Court of Louisiana
APPEAL from the Civil District Court for the Parish of Orleans, Rightor, J-. . Delivery of the thing pledged is essential to the validity of the contract of pledge. What constitutes delivery depends on the nature of tho object pledged and on tbe circumstances ot the case. The pledgee need not always have manual corporeal possession of the thing pledged. A third person may be detainer of it by agreement between tbe partios.
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APPEAL from the Civil District Court for the Parish of Orleans, Rightor, J-. . Delivery of the thing pledged is essential to the validity of the contract of pledge. What constitutes delivery depends on the nature of tho object pledged and on tbe circumstances ot the case. The pledgee need not always have manual corporeal possession of the thing pledged. A third person may be detainer of it by agreement between tbe partios. C. C. 3162. The pledgor may have possession of the thing pledged for account of the pledgee. He occupies then the position of trustee or possessor ad hoc. • Pothier…
1Opinion of the Court
The opinion of the Court was delivered l>y
Todd, J.
Tlie facts of this ease are briefly these:
E. B. Curtis was a creditor of Jacquet & Vallette for $1,400. As security for this debt they executed a pledge by private act on the 21st of June, 1884, of certain machinery used for the manufacture of tobacco, at No. 44 St. Peter street, of this city, consisting of boilers, engines, cutters, etc.
By the terms of the contract, the pledgee was specially authorized to sell the property if tlie debt was not paid at its maturity. It was not paid, and on the 8th of April, 1885, tlie property was sold at…
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