Searight v. Carlisle Deposit Bank
Supreme Court of Pennsylvania
Searight v. Carlisle Deposit Bank, 162 Pa. 504 (Pa. 1894)
29 A. 783; 1894 Pa. LEXIS 1008
Dean, Fell, Green, Mitchell, Sterrett
Searight v. Carlisle Deposit Bank
Opinion of the Court
All the questions necessarily involved in this appeal have been so fully considered and correctly disposed of by the court below that further discussion of them would serve no useful purpose. Our examination of the record has satisfied us that there is no error in the decree, or in the rulings leading up thereto. It may therefore be affirmed on the clear, concise and convincing opinion of the learned president of the 39th judicial district, who specially presided at the hearing.
Decree affirmed and appeal dismissed with costs to be paid by appellant bank.
Reference
- Full Case Name
- Wm. F. Searight, Assignee v. Carlisle Deposit Bank
- Cited By
- 5 cases
- Status
- Published
- Syllabus
- Equity —Bearing—Jurisdiction—Remedy at law. A bill in equity for an account will not be dismissed although there may be an adequate remedy at law, after the defendant has permitted the case to go to a master, and all the testimony has been taken, and the report of the master filed. Promissory notes— Collateral — Payment. The indorsers of a promissory note, who had paid the note, have a right to hold the collateral deposited with the payee, but the payment of the note does not make them owners of the collateral. They have no right to use it for any purpose not authorized by the original hypothecation. The maker of a promissory note deposited with the payee certain stock as collateral. In the maker’s absence, and'without his knowledge oi consent, the indorsers substituted their own notes for the original note, which was marked “ paid,” and the payee retained the collateral as security for the substituted notes. In a subsequent accounting between the indorsers and the maker of the original note the indorsers were allowed credit for the amount of the note. Held, that the maker was entitled to recover the collateral from the payee.