Palmer v. Hussey

New York Supreme Court

Palmer v. Hussey

65 Barb. 278, 1873 N.Y. App. Div. LEXIS 46

DecidedMay 5, 1873

StatusPublished

This text of 65 Barb. 278 (Palmer v. Hussey) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Palmer v. Hussey, 65 Barb. 278, 1873 N.Y. App. Div. LEXIS 46 (N.Y. Super. Ct. 1873).

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Opinion

By the Court, Ingraham, P. J.

We think the receipt in this case made it the duty of the defendant to return the same bonds received by him, on ten days’ notice. Admitting that he had a right to use the bonds for-his own purposes, that right was subordinate to the obligation which he assumed, to return the same bonds, to collect the coupons on them, and repay the proceeds to the plaintiff. He was bound to protect the bonds, and to return them on demand. His refusal to do so,, was a conversion, for which the defendant is liable.

The cases referred to, as to loans of stock, are inapplicable, as they were a mere borrowing of stock which was not to be returned in specie.

Order affirmed.

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By the Court, Ingraham, P. J.

We think the receipt in this case made it the duty of the defendant to return the same bonds received by him, on ten days’ notice. Admitting that he had a right to use the bonds for-his own purposes, that right was subordinate to the obligation which he assumed, to return the same bonds, to collect the coupons on them, and repay the proceeds to the plaintiff. He was bound to protect the bonds, and to return them on demand. His refusal to do so,, was a conversion, for which the defendant is liable.

The cases referred to, as to loans of stock, are inapplicable, as they were a mere borrowing of stock which was not to be returned in specie.

Order affirmed.

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Bluebook (online)

65 Barb. 278, 1873 N.Y. App. Div. LEXIS 46, Counsel Stack Legal Research, https://law.counselstack.com/opinion/palmer-v-hussey-nysupct-1873.