Hiscock v. Varick Bank of New York

Citations

• 206 U.S. 28
• 27 S. Ct. 681
• 51 L. Ed. 945
• 1907 U.S. LEXIS 1143

Syllabus

<p>Individual policies on the life of 'a partner held as collateral security for his individual indebtedness can be sold by the creditor and applied to the payment of such individual debt although 'the debtor was also liable for partnership debts; and if the policies are' fairly sold by the creditor he can prove for the balance of the individual debt and the whole of the partnership debt.</p> <p>The extent and validity of a pledge are local questions and the decisions of the state court are binding on this court.</p> <p>Under the law of New York a pledgor may waive strict performance of the common law duties of the pledgee and if so waived a sale may be held without notice, demand or advertisement.</p> <p>The bankruptcy act does not deprive a lienor of any remedy with which he is vested by the state law.</p>