Fifth Ward Savings Bank v. First National Bank
Supreme Court of New Jersey
On error to the Hudson Circuit Court. The Fifth Ward Savings Bank brought an action against the First National Bank of Jersey City, in trover, for the conversion of twenty-five bonds, as follows : 10 Jersey City Improvement 7 per cent, bonds, $1000 each, ..... $10,000 13 Bayonne City 5 per cent, bonds, $1000 each, 13,000 1 “ “7 “ bond, $1000 . 1,000 1 “ “6 “ “ $500 . 500 These bonds were issued by the municipalities named, in virtue of legislative authority.
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On error to the Hudson Circuit Court. The Fifth Ward Savings Bank brought an action against the First National Bank of Jersey City, in trover, for the conversion of twenty-five bonds, as follows : 10 Jersey City Improvement 7 per cent, bonds, $1000 each, ..... $10,000 13 Bayonne City 5 per cent, bonds, $1000 each, 13,000 1 “ “7 “ bond, $1000 . 1,000 1 “ “6 “ “ $500 . 500 These bonds were issued by the municipalities named, in virtue of legislative authority. They matured in the years 1891, 1894 and 1911, with coupons attached for the payment ■of interest semi-annually. Prior to the…
1Opinion of the CourtDepue, J.
The bonds in controversy were coupon bonds, payable to bearer, and issued under competent legislative authority. They were negotiable securities, capable of being transferred by delivery, and the title of a bona fide holder of such securities is valid notwithstanding the person from whom he received them obtained possession of them from the real owner by fraud or felony. Boyd v. Kennedy, 9 Vroom 146; Copper v. Jersey City, 15 Vroom 634. Commercial securities *516of this character are an exception to the rule that one cannot give a better title to personal property than he has himself, and as…
2Cases cited7 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Martin v. WebbSupreme Court of the United States · 1884
- Hawthorne v. CalefSupreme Court of the United States · 1865
- Commercial Mutual Marine Insurance v. Union Mutual Insurance Co.Supreme Court of the United States · 1857
- Hotchkiss v. National BanksSupreme Court of the United States · 1875
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3Cited by12 opinions
- Gabriel v. Auf Der Heide-Aragona, Inc.New Jersey Superior Court Appellate Division · 1951
- A-117-11 Norfolk Southern Railway Co. v. Intermodal Properties, LLC (070240)Supreme Court of New Jersey · 2013
- Bancredit, Inc. v. BetheaNew Jersey Superior Court Appellate Division · 1961
- Cox v. RobinsonCourt of Appeals for the Ninth Circuit · 1897
- Grant County State Bank v. Northwestern Land Co.North Dakota Supreme Court · 1914
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