Loyd v. Lynchburg National Bank

Citations

• 86 Va. 690
• 11 S.E. 104
• 1890 Va. LEXIS 35

Syllabus

<p>1. Banks—Collaterals—Application.—It is a well-settled rule that collaterals deposited with a bank for one debt, or class of debts, cannot be appropriated to another debt, or class of debts.</p> <p>2. Conteaci’s—Construction—Case at bar.—Firm having deposited with a bank, for its note to the bank as collateral, another note of the firm endorsed by third party, stipulated as follows: “ If we should come under any other liability, ok enter into any other engagement, with said bank, while it holds this obligation,” &c.: held, construing the word oe, as and, the stipulation refers to any other liability or engagement of the same kind with the first mentioned note; and not to a draft drawn on, and accepted by, said firm, and discounted for the drawer and placed to his credit.</p>