State v. Hart

46 La. Ann. 54
CourtSupreme Court of Louisiana
DecidedJanuary 15, 1894
DocketNo. 10,898
StatusPublished

This text of 46 La. Ann. 54 (State v. Hart) is published on Counsel Stack Legal Research, covering Supreme Court of Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
State v. Hart, 46 La. Ann. 54 (La. 1894).

Opinion

The opinion of the court was delivered by

Watkins, J.

In this suit three distinct claims are made against the defendant in behalf of the State as plaintiff, to-wit:

1. For ($30,760) thirty thousand seven hundred and sixty dollars, amount of certain checks issued by E. A. Burke, Treasurer, purporting to have been in payment of interest coupons on consolidated bonds that were in fact never surrendered, or, in other words, checks issued without any consideration, and payable to the defendant’s order.

2. For ($24,300) twenty-four thousand three hundred dollars, as the amount of interest alleged to have been collected by the defendant, or through his procurement, on State bonds alleged to be void.

3. For the surrender and delivery of certain bonds that are alleged to be illegal and void, and unlawfully in the defendant’s possession— that is to say, bonds bearing the numbers 728, 735, 755, 766, 775, 782, 814, 818, 829, 882, 897 and 890 of the denomination of $1000 each and aggreating $12,000 in amount, and the bonds bearing the numbers 1902, 1919, 1920, 1821, 1939, 1978, 1984, 2003, 2005, 2007, 2009, 1954, 1937, 2014, 1933, 1967, 1923, 1948, 1918, 1932, 1947, 2041, 2061,2052, 2040, 2042, 2043, 1928, 1915, 1972, 1873, 1979, 2022, 1955, 1985, 2033, 1945, 1968, 2064, 1930 and 1935 of the denomination of $500 each, aggregating $20,500 in amount.

The prayer of the petition substantially conforms to its averments, though it does not contain any alternate demand for the value of the bonds as a quantum meruit, nor any request that judgment condemn the defendant to surrender same — though it is concluded with a demand for general relief.

[57]*57The cause was tried by a jury, and a general verdict was rendered in favor of the State for the sum of fifty-five thousand and sixty dollars (§55,060) without interest, sustaining the writ of sequestration and commanding the defendant to surrender and deliver up all of the bonds claimed; but the judgment rendered commanded him to deliver certain specified bonds — that is to say, all of the $1000 bonds claimed in the petition, except bonds numbered 766 and 775, and further except bonds of the denomination of $500, numbered 2007, 2009, 2052, 2042, 1915 and 2038. And the judgment further decrees the delivery of bonds numbered respectively 1955, 2023, 2027, 2029, 2058 and 1942 of the denomination of $500 each, which are not claimed in the suit at all.

From that judgment the defendant has appealed.

The theory upon which the Attorney General proposes to hold the defendant is, as we gather from his petition, substantially as follows, viz.:

That under the provisions of the Constitution of 1879, which effected a settlement of the public debt, certain bonds, which had been issued to the Agricultural and Mechanical Oollege and to the Louisiana State University or Seminary Fund under the act of 1874, were declared null and void, and ordered destroyed. That the sums due said institutions were recognized as a debt of the State, and ordered to be placed to the credit of said college and seminary of learning on the boohs of the State Auditor, and interest thereon paid out of the current school fund. That the aforesaid bonds were held by the State, through the Treasurer, in trust, and were in the possession of the 'Treasurer in 1879 and 1880 and up to April, 1888, as is evidenced by the official report he made to the Governor, and which was transmitted by him to the General Assembly in January, 1880, and which report was, by the General Assembly, printed and became a public document under the law, and contained a full and complete de.scription of said college and seminary bonds — setting out their numbers and amounts. That the Agricultural and Mechanical College •bonds were of the-denomination of $1000 each, issued in pursuance •of the funding act, it being Act No. 3 of 1874, and bore the numbers 710 to 905 inclusive, and aggregate in amount $196,300 — including two small bonds for $100 each; and that the university or seminary bonds were of the denomination of $500 each, likewise issued under the funding act of 1874, and bore the numbers 1902 to 2065 inclusive, [58]*58consisting of 164, and aggregating in amount $82,200, including two small bonds of $100 each.

“That all of said data will more fully appear by reference to said official report of the Treasurer hereto annexed and made a part of (the petition) for greater certainty.

“That'the Legislature of the State, by a formal resolution duly passed and signed in accordance with law, ordered said bonds destroyed,” but that in fact said bonds were not destroyed, and that, on the contrary, said Treasurer “wrongfully and feloniously did convert the same to his' own use and embezzled said described bonds.”

That the defendant was interested with said Treasurer in his wrongful and illegal conversion of said bonds, and thereby became possessed of same, and pledged, dealt in, and negotiated by sale and exchange the. said bonds, “ and is the holder of a large quantity of them at this day.”

That not only was the defendant a broker and made such negotiations for himself, but he acted and operated through other brokers- and the stock exchange, and other agents, in selling and pledging .said bonds.

That he formed a copartnership with Alfred Jardet and opened an account with himself in the negotiation of State bonds; and that he carried on a similar business through Lawrence Conroy as his agent — he using the defendant’s name in signing notes, checks, etc.

Then the specific averment is made that the defendant did use, pledge and obtain money on said illegal and void bonds to the extent of $110,000, in this, to-wit:

That on the 17th of February, 1882, he pledged to the Germania National Bank $53,000 of said bonds, which he transferred as collateral, on that date, to E. H. Levy and L. Jardet.

That on the 8th of March, 1882, he pledged to the same bank, to secure a loan, $4000 of said bonds, and redeemed the same on May 12, 1882.

That on May 10, 1882, he pledged ito tsame bank $20,000 of said bonds, and redeemed the same on the 18th of that month.

. That on July 24, 1882, he pledged to said bank $18,000 of said bonds, and redeemed the same on the 19th of September following.

That on October 10, 1882, he secured a loan of $12,000 from the New Orleans National Bank on a pledge of such bonds, and on the [59]*592d of November of same year he obtained another loan of $5000 on a pledge of such bonds.

The averment is then made “that in all of said transactions said Hart instructed his agents and partners to preserve the identical ■bonds delivered by him, and to all of which were attached coupons for interest past due and to become due.”

That in October, 1883, he borrowed from John Klein & Co. a sum of money and pledged $28,000 of said bonds to secure the loan, and took up same on the 27th of October, 1885.

That from July, 1884, to December 28, 1885, he pledged to Henry Bier $54,200 of said bonds to secure a loan of $30,800, and to all of said bonds were attached interest coupons due from July, 1880, with the exception of bonds numbered 809, 821, 823, 843, 844, 853, 884 and 889, from which said defendant had cut the coupons, up to and including No. 20, due January, 1884.

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Bluebook (online)
46 La. Ann. 54, Counsel Stack Legal Research, https://law.counselstack.com/opinion/state-v-hart-la-1894.