Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 132

Reports of Cases Argued and Determined in the Supreme Court of Tennessee Volume 132

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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. 1915 edition. Excerpt: ...valid, subsisting obligation may be said to consist of a legal debt or duty." Cocke v. H oflmcm, 5 Lea, 112, 40 Am. Rep., 23. Though not binding on Mrs. Stahlman because she is a married woman, the stock purchase contract was and is binding on B. Stahlman according to its terms, and, being so, it was and is an obligation on his part to pay the bank the $45,000. However, it is said in behalf of.Stahlman, even though the stock purchase contract be binding on him and in one sense an obligation, it is nevertheless not within the meaning of the words of the pledge, "any other obligations," because, as claimed for him, it is not the same kind of obligation as the $24,400 note, in which those words are used, and because it did not arise in the usual course of banking business as did that note. On the other hand it is said for the bank that the language of the pledge includes every kind of legal obligation of Stahlman to the bank, and that the parties must be held to have contemplated the stock purchase contract as one of his "other obligations" to which the collaterals were to be "applicable." The books afford numerous cases, tending, in a measure, to support each view. In Gillet v. Bank of America, 160 N. Y., 549, 55 N. E., 292 (cited by this court in Bank v. Woods, 125 Tenn., 16, 140 S. W., 31), it appeared that the firm of Dan Talmage's Sons bor Fourth Nat. Bank v. Stahlman. rowed $35,000 from the Bank of America, executing a note therefor and delivering therewith certain collaterals to insure the payment. The note, which was written on a form furnished by the bank, recited that the makers had--"deposited with the said bank as collateral security for the payment of this or any more

Product details

  • Paperback | 206 pages
  • 189 x 246 x 11mm | 376g
  • United States
  • English
  • black & white illustrations
  • 123698675X
  • 9781236986757