Scott v. Brame
Scott v. Brame
Opinion of the Court
delivered the opinion of the court.
One Draper filed his hill in this case, in which he states that he is the owner of sixty shares of stock of the Logan Coal Company, an institution chartered under the laws of West Virginia; that prior to February 19, 1909, he deposited thirty shares of this stock as collateral security for a loan of $1,500 from the Bank of Christiansburg, Va. The note evidencing the loan was in the name of the Floyd Land Company, hut
The bill is brought to ascertain the respective rights of the complainant, Brame and Scott in this stock, and to that end the plaintiff prays that an account of liens on the stock be taken; that Brame he required to account for the profits received by him on said stock; and that the complainant be allowed to redeem the stock, or that it be sold and complainant’s equity of redemption ascertained in that way.
Scott answered the bill, but takes no position adverse to that of the complainant. Brame’s answer goes into a detailed statement of the entire transaction, and concludes with a denial that Scott has any lien on the stock of the Logan Goal Company, and claims that he is the absolute owner of the sixty shares, having paid value for the same.
The court by its decree held that Brame bought the thirty shares of stock which were held as collateral by the Bank of Christiansburg; that Scott had abandoned his claim to a lien on the stock; and that Brame is the owner of those thirty
From this decree an appeal was awarded upon the petition of Scott, who asked that the decree be reversed in so far as it holds that Brame owns thirty shares of the stock held as collateral security by the Bank of Christiansburg free from any claim of Draper or Scott, while the defendant, Brame, assigns cross-error and asks that with respect to the thirty shares assigned to the Bank of Christiansburg the decree be affirmed, and that, in so far as it deals with the stock held by the First National Bank of Princeton, it be reversed, and that he be held the owner thereof, discharged of all liens in favor of other persons.
That Draper deposited these shares of stock as collateral security for loans, and that subject to the claim upon it by virtue of those loans the title to the stock was in him, cannot be disputed. That H. F. Scott had also an interest in the stock, subject to the claims of those having prior liens upon it, cannot be denied. Brame contends, however, that Scott had waived or abandoned his rights in the premises; but in this view we are unable to concur. Without discussing the evidence in detail, we are satisfied that it does not maintain the position of appellees. The burden of proof was upon Brame, and he could only maintain it by proof of clear and unmistakable acts indicating a purpose on the part of Scott to repudiate ownership.
The decree of the circuit court will, therefore, be reversed in part and affirmed in part, and the cause remanded to be further proceeded in, in accordance with the views herein expressed.
Reversed in part.
Reference
- Full Case Name
- Scott v. Brame and Others
- Cited By
- 1 case
- Status
- Published
- Syllabus
- 1. Evidence—Waiver or Abandonment of Lien—Burden° of Proof.—He who claims that another has waived or abandoned an admitted lien on personal property has the burden of establishing such claim, and he can only maintain it by proof of clear and unmistakable acts indicating a purpose on the part of such other to waive or abandon. 2. Equity Practice—Conflicting Liens—Reference.—In case of conflicting claims of liens on stock pledged as collateral, it is proper for the trial court to refer the ease to a commissioner in chancery to take an account of the liens thereon.