Davis v. Republic Trust Co.
Davis v. Republic Trust Co.
Opinion of the Court
Opinion by
This bill was filed to recover possession of a certain certificate of stock pledged as collateral. In October, 1916, the F. A. Davis Company, a Delaware corporation, of which F. A. Davis was president and a large
The bill exhibits no ground for equitable relief; in fact, it sets out nothing upon which to found an action in any court against the Davis company, and as to the trust company, plaintiffs have an adequate, complete and con
As no fraud is averred, or other ground of equitable relief, we agree with the trial court that the case is governed by Roland v. National Bank, 135 Pa. 598, the syllabus to which is: “Where shares of stock, having a market value, are pledged to secure a particular indebtedness, with power to sell and apply, there is no jurisdiction in equity to compel a retransfer of the pledge and an account, the transaction being single and the pledgor having a complete and adequate remedy at law.”
We have examined the numerous authorities cited by appellants but in each case, where equity assumed jurisdiction, there was some reason therefor which is not here present. As to the other questions suggested we express no opinion.
The decree is affirmed and appeal dismissed at the costs of appellants as executors.
Reference
- Full Case Name
- Davis, Executors v. Republic Trust Co.
- Status
- Published
- Syllabus
- Equity—Recovery of certificate of stock—Discovery—Adequate remedy at law—Replevin or trover. 1. Executors of an insolvent estate cannot by a bill in equity, recover possession of a single certificate of stock pledged by testator for a note, where defendant claims the right to hold it as collateral for another note, if it appears that no discovery is necessary, and no fraud or other ground of equitable relief is averred. 2. The fact that the executors are trustees for creditors, does not give equity jurisdiction to restore stock to them which they never had. 3. In such case, plaintiffs have an adequate, complete and convenient remedy at law by a writ of replevin for the stock, or an action of trover for its value.