Mobile Towing & Wrecking Co. v. Hartwell
Mobile Towing & Wrecking Co. v. Hartwell
Opinion of the Court
The bill alleges, and the answer and proof show, that complainant has acquired, as collateral security for the payment, of a balance due from respondent on the note for $9,215.40, assumed by complainant, 15 certain shares of capital stock of the Turner-Hartwell Docks Company, and, further, that complainant has acquired that, stock, and also 25 shares of the capital stock of complainant company as collateral for respondent’s general indebtedness to complainant, by a written transfer from respondent. The answer admits a balance due to complainant on the assumed note, and also on respondent’s general indebtedness.
The bill prays, also for a like adjudication of title in complainant as to the 25 shares of complainant’s capital stock acquired from the First National Bank of Mobile. Since, for the reason just stated, that prayer must be denied, it is not necessary to determine that question, resting as it does upon the validity of complainant’s lien foreclosure sale of all of respondent’s shares of its capital stock on June 26, 1916. Complainant’s rights will be sufficiently protected by the enforcement of its lien upon the securities under its claims by subrogation and - by assignment from this respondent.
We hold that the trial court erred in denying that relief and dismissing the bill of complaint, and its decree will be reversed and the cause remanded for further proceedings in accordance with this opinion.
Reversed and remanded.
Reference
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