Conyngham v. Baldwin

Citations

• 120 F. 500
• 56 C.C.A. 650
• 1903 U.S. App. LEXIS 4506

Syllabus

<p>1. Release of Pledge — Contract of Third Person — Liability—Conditional Character — Happening of Condition.</p> <p>In consideration of the surrender of his brother’s note for $6,420 and corporate stock pledged to secure it, defendant promised to pay plaintiff $3,000 in cash, and, in the event that either the note or the stock should prove of “sufficient value to pay the balance of the note, or any part of it, he would pay accordingly.” Held, that an offer by plaintiff to take back the stock in satisfaction of defendant’s promise, which defendant refused, was not equivalent to a determination of the market value of the stock, so as to render defendant absolutely liable for the balance of the note; it being at most a controvertible admission that he considered the stock of more value, and worth more to him, than a release of his liability.</p> <p>¶ 1. Rights and liabilities Of pledgees of corporate stock, see note to Frater v. Old Nat. Bank, 42 C. C. A. 135.</p>