Ozan Lumber Co. v. Goldonna Lumber Co.

Citations

• 124 La. 1025
• 50 So. 839
• 1909 La. LEXIS 584

Syllabus

<p>1. Sequestration (§ 4*) — Ground.</p> <p>A sequestration of a sawmill plant by a pledgee presumably in possession will be dissolved where it is not shown that the defendant pledgor has ousted or attempted to oust the possession of the pledgee. The mere circumstance that the defendant has assisted in the procurement of a receivership, which was acquiesced in by the plaintiff, affords no ground for a sequestration after the termination of the receivership, especially where the receiver was also the agent of the plaintiff for the purposes of the pledge.</p> <p>2. Receivers (§ 135*) — Duties — Possession oe Pledged Property — Rights oe Parties.</p> <p>The appointment of a receiver does not divest the possession of the pledgee, and the property pledged cannot be sold in the receivership for less than the secured debts, with interest and costs, without the consent of the pledgee; and where, under the contract of pledge, certain prices were to be paid for lumber delivered, the pledgee will not be permitted to purchase such lumber at lower prices from the receiver, without the consent of the pledgor.</p> <p>(Syllabus by the Court.)</p>