Hallowell v. Blackstone National Bank
Massachusetts Supreme Judicial Court
Bill in equity, filed in this court on October 4,1890, to redeem. certain shares of stock pledged by Joseph W„ Smith to the defendant bank as security for a loan. The case was heard by Meld, C. J., and was as follows. On December 3 and 8,1888, the defendant bank discounted two drafts, amounting to $11,127, which had been accepted by the firm of Glidden and Curtis, of which Smith, as the bank knew, was a member.
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Bill in equity, filed in this court on October 4,1890, to redeem. certain shares of stock pledged by Joseph W„ Smith to the defendant bank as security for a loan. The case was heard by Meld, C. J., and was as follows. On December 3 and 8,1888, the defendant bank discounted two drafts, amounting to $11,127, which had been accepted by the firm of Glidden and Curtis, of which Smith, as the bank knew, was a member. On December 14,1888, Smith borrowed $25,000 of the defendant bank and gave therefor his promissory note, and deposited as collateral security the shares in question, which were named…
1Opinion of the CourtHolmes, J.
This is a bill to redeem certain stock given by one Smith, the plaintiff’s insolvent, to the defendant, as collateral security for a loan to Smith. The main question is whether the defendant can hold the stock as security not only for the loan mentioned, but also for two acceptances of a firm of which Smith was a member, which acceptances the defendant had discounted before the date of the loan in question. The note given by Smith for the loan authorizes the defendant to sell the stock “ on the non-performance of this promise, said bank applying the net proceeds to the payment of this note…
2Cases cited1 opinion
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- Waterman v. AldenSupreme Court of the United States · 1892
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