Loew v. Austin

Citations

• 140 Pa. 41
• 21 A. 240
• 1891 Pa. LEXIS 798

Syllabus

<p>1. Where a yacht, belonging to a social club, is specifically pledged to one of the members, as security for a loan advanced to pay the purchase money thereof, and continues so pledged, on a sale of it by the treasurer of the club he must account to the pledgee for the sum received.</p> <p>2. That the treasurer, out of the money received by him on the sale of the yacht, paid bills of the club and for supplies to the yacht, is no defence, and the amount thereof cannot be allowed to him as a set-off against the claim of the plaintiff.</p>