Tuttle v. First National Bank
Massachusetts Supreme Judicial Court
Two BILLS IN EQUITY, filed' respectively April 16, 1903, and February 19, 1904, the first bill by the trustee under the will of Horace S. Stebbins, late of Boston, praying that the defendant First National Bank of Greenfield. be ordered to assign and deliver to him seven shares of the capital stock of the defendant Franklin County National Bank alleged to have been pledged without authority by George T. Clark, the plaintiffs predecessor as trustee, to a firm of brokers to…
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Two BILLS IN EQUITY, filed' respectively April 16, 1903, and February 19, 1904, the first bill by the trustee under the will of Horace S. Stebbins, late of Boston, praying that the defendant First National Bank of Greenfield. be ordered to assign and deliver to him seven shares of the capital stock of the defendant Franklin County National Bank alleged to have been pledged without authority by George T. Clark, the plaintiffs predecessor as trustee, to a firm of brokers to secure the note of Clark, as trustee, to the brokers for $550, the note and shares of stock having been transferred by the…
1Opinion of the CourtBraley, J.
These two bills in equity grow out of the same transaction, and involve the right of a trustee without having authority under the terms of the trust, to pledge a part of the principal to secure the payment of a promissory note signed by him as trustee, the proceeds of which are used for the benefit of the estate, and whether the bank, as pledgee, which took with notice of the trust acquired a title that will enable it to retain and apply the collateral in payment of the debt.
*535By the provisions of the will of Horace S. Stebbins, under which the maker of the note was trustee, he was directed and…
2Cases cited4 opinions
- O'Herron v. GrayMassachusetts Supreme Judicial Court · 1897
- Hoyt v. JaquesMassachusetts Supreme Judicial Court · 1880
- Towne v. RiceMassachusetts Supreme Judicial Court · 1877
- Plimpton v. GoodellMassachusetts Supreme Judicial Court · 1879
3Cited by30 opinions
- Reggio v. WarrenMassachusetts Supreme Judicial Court · 1911
- Warren v. PazoltMassachusetts Supreme Judicial Court · 1909
- Eaton v. WalkerMassachusetts Supreme Judicial Court · 1923
- National Shawmut Bank v. Fidelity Mutual Life InsuranceMassachusetts Supreme Judicial Court · 1945
- Hallett v. MooreMassachusetts Supreme Judicial Court · 1933
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