President, Directors of Middlesex Bank v. Minot
This text of 45 Mass. 325 (President, Directors of Middlesex Bank v. Minot) is published on Counsel Stack Legal Research, covering Massachusetts Supreme Judicial Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
The plaintiffs had full authority to sell the bank shares which were pledged to them, and their sale to a third person would have passed the property. But they could not be the purchasers. Nothing, therefore, passed by the form of a sale at auction, in which they purchased in the shares ; and they still hold the same under their original title, as collateral se curity for their debt. The shares must either be actually sold, and the proceeds be deducted, or their value, ascertained by a jury or otherwise, must "first be deducted from the plaintiffs’ claim, as stated, and they will then be entitled to the balance only of that claim.
[After this opinion was given, the parties agreed upon the value of the shares, and that the plaintiffs should have judgment Against the defendant for $ 5664-24, without costs.]
Free access — add to your briefcase to read the full text and ask questions with AI
Related
Cite This Page — Counsel Stack
45 Mass. 325, Counsel Stack Legal Research, https://law.counselstack.com/opinion/president-directors-of-middlesex-bank-v-minot-mass-1842.