Summers v. Hopkins

Citations

• 186 Pa. 508
• 40 A. 996
• 1898 Pa. LEXIS 1035

Syllabus

<p>Husband and wife — Conversion of wife's property by husband — Brokers —Commingling of securities.</p> <p>A wife having securities in her own name executed blank powers of transfer for them, and gave them to her husband, with the understanding that they were to be loaned to a firm of brokers with whom the husband had been dealing in stock speculations. The wife knew that her husband had dealings with the brokers. The securities were transferred out of her name, and were used as security for the speculative transactions of her husband. The brokers subsequently failed and, at the time a receiver was appointed, certain of the wife’s securities were found mingled with other securities of the firm in the possession of a bank as collateral security for a loan made to the firm. All of these securities were subsequently sold. Dividends on the stock were paid to the wife until the failure. Held, that the wife was not entitled to a preference over the general creditors of the brokers.</p>