Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 48

Maine Reports; Cases Argued and Determined in the Supreme Judicial Court of Maine Volume 48

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1863 edition. Excerpt: ... point, that the bailees had the right to receive payment on the collateral, when the whole or a part of it becomes due before the principal, counsel cited and commented upon Wheeler v. Newbold, 2 Smith's N. Y. Rep., 392; Russell v. Hester, 10 Ala., 535, (7 U. S. Dig., 77, 19); Com. Bank of N. O. v. Martin, 1 La. Ann. R., 344, (9 U. S. Dig., 62, 24); Chambersburg Ins. Co. v. Smith, 11 Penn. State R., (1 Jones, ) 120, (10 Dig., 58, 14); Lee v. Baldwin, 10 Geo., 208, (13 Dig., 74, 24); Am. Leading Cases, vol. 2, pp. 349, 350. The opinion of the Court was drawn up by DAvIS, J.--The plaintiffs hired money of the defendants, giving their promissory note therefor, and pledging, as collateral security, some of their bonds, with interest coupons attached. Their note was renewed from time to time, without payment of any part; and, some of the coupons upon the bonds becoming due in the mean time, the defendants presented them for payment, and received the amount due thereon. The plaintiffs claim that this was a conversion of the bonds; and they bring this action of trover for the value thereof. If the question were really before us, we probably should come to the conclusion that a pledgee of credits, to secure a debt due from the pledgor to himself, might properly collect the accruing interest, even before his own demand is due, and hold the amount in pledge. Such an act has no analogy to the using of a chattel by the pledges thereof. If one pledges as collateral, a demand on which interest is accruing at stated periods, some of which occur before his debt, so secured, becomes due, such pledge necessarily implies an authority to the pledgee to collect and receive the interest as it becomes payable, and hold it more

Product details

  • Paperback | 212 pages
  • 189 x 246 x 11mm | 386g
  • United States
  • English
  • black & white illustrations
  • 123695940X
  • 9781236959409