Lafitte, Dufilho & Co. v. Godchaux
Supreme Court of Louisiana
APPEAL from the Civil District Court for the Parish of Orleans. Monroe, J. 1. A sale of stock made l>y pledgee, under the power given in the «act of pledge, though invalid in itself, is confirmed by a settlement of the balance resulting from the sale, made between tbe pledgor and pledgee. 16 La. 51; 18 La. 517. 2. Where the pledgor, at the time of settlement, has the means of knowledge respecting the manner of making the sale, the possession of such means is equivalent to…
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APPEAL from the Civil District Court for the Parish of Orleans. Monroe, J. 1. A sale of stock made l>y pledgee, under the power given in the «act of pledge, though invalid in itself, is confirmed by a settlement of the balance resulting from the sale, made between tbe pledgor and pledgee. 16 La. 51; 18 La. 517. 2. Where the pledgor, at the time of settlement, has the means of knowledge respecting the manner of making the sale, the possession of such means is equivalent to knowledge. 1 - Dillon, 85; 11 Wall. 107; 101 TX. S. 141. 3. The settlement or compromise is a bar to an action to attack…
1Opinion of the Court
The opinion of the Court was delivered by
Poché, J.
The following facts have given rise to this litigation:
On the 29th of June, 1873, the plaintiffs pledged to the defendant 235 shares of the capital stock of the New Orleans Insurance Compan y to secure the payment'of their note of $9,000, dated June 29, 1873, and maturing one year after date, with interest of eight per cent, after maturity. By the act of pledge the right was given to the creditor to sell the pledged securities either at public or private sale, without judicial intervention, in ease of non-payment of tbe note at maturity. After…
2Cases cited2 opinions
- Starr & Howland v. Zacharie & Co.Supreme Court of Louisiana · 1841
- Dupre v. SplaneSupreme Court of Louisiana · 1840
3Cited by32 opinions
- Ledoux v. Old Republic Life Insurance CompanyLouisiana Court of Appeal · 1970
- Succession of SealsSupreme Court of Louisiana · 1963
- Fried v. BradleySupreme Court of Louisiana · 1951
- Shirey v. CampbellLouisiana Court of Appeal · 1963
- Readco Industries, Inc. v. Myrmax Specialties, Inc.Louisiana Court of Appeal · 1970
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