Hay v. Lehigh Valley National Bank

Citations

• 249 Pa. 543
• 95 A. 264
• 1915 Pa. LEXIS 761

Syllabus

<p>Trespass—Trover and conversion-—Bonds—Collateral security— Bale of collateral—Misappropriation of balance.</p> <p>In an action to recover damages for the conversion of certain bonds alleged to have been the property of plaintiffs and to have been unlawfully appropriated to the defendant’s use, a verdict for the plaintiff was sustained where it appeared that the bonds in question had been pledged by the plaintiffs as collateral security for a note made to a trust company; that the note had been sent to the defendant for collection; that thereupon it paid off the note and took into its possession the bonds; that subsequently it delivered the bonds to a traction company and received in exchange therefor other bonds, which it appropriated to the payment of the original loan, realizing from the sale of a portion of them the amount of the loan and converting and appropriating to their own use the unsold remainder of the bonds, to recover the value of which the action was brought..</p>