United States Trust Co. v. Blundon
United States Trust Co. v. Blundon
Opinion of the Court
delivered the opinion of the Court:
Having waived the forfeiture, the defendant could not lawfully exercise the power of sale without notice to the plaintiff. An attempt was made to show that such notice had been given by letter a month before the sale was made. Plaintiff testified positively that no such letter had been received. Defendant’s proof failed to show conclusively that such letter was in fact mailed. It produced a carbon copy of a letter addressed to plaintiff and testimony tending to show that it was placed among other letters in a receptacle to be mailed. It was the custom so to do, and messenger boys employed in the bank were accustomed to take the letters from the receptacle, and carry them to the mail box. It does not appear that the letter when deposited in the receptacle was in an envelop addressed to plaintiff and stamped. Moreover, the waiver had been by agreement with the attorney of plaintiff, who lived in the city, and whose telephone address was known, to the officers of the defendant, and yet no effort was made to notify him that the sale would take place. On the day of sale, the note was simply indorsed to the cashier of the bank, who immediately discounted it to the bank, receiving the surplus after the discharge of the
3. The testimony concerning the making of the agreement to waive the forfeiture was in conflict. The court who heard the witnesses was satisfied that it had been made. We cannot say from the statement of the evidence that he erred in this finding of fact. The decree is affirmed, with costs. Affirmed.
Reference
- Full Case Name
- UNITED STATES TRUST COMPANY v. BLUNDON
- Status
- Published
- Syllabus
- Equity; Jurisdiction; Objections and Exceptions; Pledge, Sale of; . Waiver; Notice; Bills and Notes;- Indorsement; Due Course; Appeal and Error. 1. An objection upon the ground of the adequacy of the legal remedy, to the jurisdiction of equity in a case of a class in which it takes jurisdiction generally, comes too late when not made until the evidence has been heard and the argument begun. (Tyler v. Moses, 13 App. D. C. 428.) 2. A pledgee may waive the power, given him by the .contract, to sell the pledge without notice to the pledgeor, and thus work a forfeiture of the latter’s right; and the waiver requires- no new or independent consideration to support it. 3. The mailing of a notice by a pledgee to a pledgeor of intention to sell the pledge is not sufficiently shown by the introduction of a carbon copy of an alleged letter, importing such notice, accompanied by evidence tending to show that the letter was placed among other letters in a receptacle from which the pledgee’s messenger took letters for mailing, where the pledgeor testifies that he did not receive it, and it is not shown that it was placed in an envelop addressed to him and stamped. 4. An agreement by a bank to hold a note pledged to it as collateral, and to credit the interest thereon accruing, upon the principal obligation until paid, and then turn the note over to the pledgeor, is binding upon another bank which, in taking over the assets of the former bank under an agreement to assume its liabilities, receives the note as indorsee after an attempted sale by which the transferring bank sought to obtain title, since in such a case the succeeding bank is not a holder for value without notice. 5. A finding of fact by a court of equity upon conflicting evidence,—upheld in the absence of anything to show error.