Lewis v. Bank of Penn Township
Supreme Court of Pennsylvania
This was an action of trover, brought by Mordécai D. Lewis and Gleorge M. Stroud, assignees of Lynd, Backus & Co. against The Bank of Penn Township in the county of Philadelphia. On the trial before Kennedy, J., at a Court of Nisi Prius held in Philadelphia, on the 10th of November, 1836, the case appeared to be as follows.
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This was an action of trover, brought by Mordécai D. Lewis and Gleorge M. Stroud, assignees of Lynd, Backus & Co. against The Bank of Penn Township in the county of Philadelphia. On the trial before Kennedy, J., at a Court of Nisi Prius held in Philadelphia, on the 10th of November, 1836, the case appeared to be as follows. Previous to the 19th of November, 1831, Lynd, Backus & Co. had deposited with the defendants, for collection, nineteen promissory notes, of Avhich two were collected before the 18th of January, 1832, and three others before this suit was brought; and the proceeds, together…
1Opinion of the Court
The opinion of the Court was delivered by
Gibson, C. J.
The rule in Thomas v. Courtney, (1 Barnew. & Ald. 1,) that collateral securities are not to be delivered up, if there be no stipulation for it, and the debt be not extinct, comes to us with the authority of precedent, and the recommendation of good sense. Why should the creditor be held to what is not a condition of the assignment ? He professed to release the debtor’s liability, and no more. A debt extinguished, may be considered as paid ; but it is not extinguished where there is a surety liable for it: and what else is a collateral…
2Cited by1 opinion
- In re Dyott's EstateSupreme Court of Pennsylvania · 1841