Sprigg v. Commonwealth Title Insurance & Trust Co.

Citations

• 206 Pa. 548
• 56 A. 33
• 1903 Pa. LEXIS 759

Syllabus

<p>Equity — Equity jurisdiction — Remedy at law.</p> <p>Where no decree is sought but one for the payment of money, which can be as easily recovered in an action at law, and there are no mutual demands, nor complicated accounts nor discovery sought, the case is not one of specific relief, and consequently does not fall within the equity head of granting relief where a recovery in damages would be an inadequate remedy.</p> <p>Equity — Equity jurisdiction — Remedy at law — Corporations—Mortgage —Stiii against trustee.</p> <p>Where a corporation mortgage provides that the trustee shall not certify an issue of bonds until money sufficient to pay the first four coupons has been paid to the trustee, and the trustee by the direction of the corporation agrees to hold certain of, the bonds in trust to secure the performance of a contract on the part of the corporation, without requiring the deposit of any money to pay the first four coupons, the person for whom the bonds are held in trust cannot maintain a bill in equity against the trustee to recover damages for failure to have in hand the money for the coupons, or for alleged false allegations as to title of the mortgaged premises made by the trustee to such person.</p> <p>Where a trustee of a corporation mortgage agrees not to issue bonds until a sum sufficient to pay the first four coupons are deposited with it, and certain persons to whom the bonds are issued deposit the amount of the four coupons, and subsequently receives such amount back-, the trustee is not liable to other parties for such repayment.</p> <p>Equity — Equity jurisdiction — Remedy at law — Account render.</p> <p>While the act of October 13, 1840, confers concurrent jurisdiction upon courts of equity in all cases where account render previously lay, the jurisdiction of the court which first takes actual cognizance of the controversy becomes exclusive in the absence of any peculiar equitable grounds to the contrary.</p>