Coddington v. . Gilbert
New York Court of Appeals
Appeal from the Superior Court of New-York city. The action was brought against the defendants, under section 237, sub. 3 of the Code, for willfully withholding from the sheriff certain bonds alleged to have been liable to sale on execution, issued upon a judgment recovered by the plaintiff in a suit commenced by attachment against a foreign corporation.
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Appeal from the Superior Court of New-York city. The action was brought against the defendants, under section 237, sub. 3 of the Code, for willfully withholding from the sheriff certain bonds alleged to have been liable to sale on execution, issued upon a judgment recovered by the plaintiff in a suit commenced by attachment against a foreign corporation. On the trial it was proved that the Maysville and Lexington Railroad Company had executed some two hundred and eighty-two bonds of $1,000 each, and delivered them to the defendants, with authority to sell a sufficient number of them to pay…
1Opinion of the CourtPratt, J.
The bonds of the railroad company in the hands of its agents were in no sense property of the company, liable to be seized under attachment or execution. They were, deposited with the defendants to be delivered to such persons as should be willing to lend money to the company and take them as security for its repayment. The fact that they were executed by a corporation, and for the purpose of being sold in the stock market to the highest bidder, does not alter the character of the instruments or the nature of the transaction. It is only another form of borrowing money; and if it was…
2Cited by13 opinions
- Brownell v. . Town of GreenwichNew York Court of Appeals · 1889
- Dunlop v. . Patterson Fire Insurance Co.New York Court of Appeals · 1878
- Hoag v. . Town of GreenwichNew York Court of Appeals · 1892
- Zimmermann v. . TimmermannNew York Court of Appeals · 1908
- Eastern Electric Cable Co. v. Great Western Manufacturing Co.Massachusetts Supreme Judicial Court · 1895
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