Skud v. Tillinghast

Citations

• 195 F. 1
• 1912 U.S. App. LEXIS 1330

Syllabus

<p>1; Pledges (§ 55*)—Action on Principal Claim—Rights of Pledgee. A pledgee in possess*on of the pledge and entitled to retain the same until his claim is paid need not. as between himself and the pledgor, resort as a general rule to the pledge before suing on the principal claim, though he may be compelled to release the pledge when his claim is satisfied.</p> <p>[Ed. Note.—For other cases, see Pledges, Cent. Dig. §§ 14.0-151; Dec. Dig. § 55.*J</p> <p>2. Pledges (§ 44*)—Conversion of Pledge by Pledgee—Effect. A pledgee who converts the pledge thereby in effect to the extent of its value discharges the debt, and the same result follows where the pledgee through his fault fails to preserve the pledge.</p> <p>[Ed. Note.—For other cases, see Pledges, Cent. Dig. §§ 103-107; Dee. Dig. § 44. *J</p> <p>3. Banks and Banking (§ 287*)—National Banks—Receivership—Rights of Receiver.</p> <p>A receiver of an insolvent national bank stands in the place of the bank, and he may not appropriate to the use of the bank or its creditors any seeming asset that in equity and good conscience belongs to another, or ought not to be enforced against him.</p> <p>[Ed. Noto.—For other cases, see Banks and Banking, Cent. Dig. §§ 1089-1127; Dec. Dig. § 287.*]</p> <p>4u Principal and Agent (§ 178*)—Knowledge of Agent—Knowledge Imputable to Principal.</p> <p>The rule that a principal is chargeable with the knowledge of his agent does not apply where the agent is hostile in interest to the principal in a transaction and acts outside the scope of his agency, and his act is not binding on the principal.</p> <p>[Ed. Note.—For other cases, see Principal and Agent, Cent. Dig. §§ 680-684; Dee. Dig. § 178.*]</p> <p>5. Banks and Banking (§ 262*)—Execution of Accommodation Notes for Officers of Bank—Knowledge of Officers Imputable to Bank.</p> <p>A maker of a note for the accommodation of the cashier of a bank refused to sign it until collateral securities were attached to it, and a marginal memorandum made