Henry Billings Brown

Name: Lytle v. Lansing — Opinion of the Court
Author: Henry Billings Brown

Summary

“Lytle v. Lansing — Opinion of the Court”, is a work by Henry Billings Brown. It explores elements such as bonds, Brackenridge and New York.

Quotes from Lytle v. Lansing — Opinion of the Court (Henry Billings Brown)

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ No rule of law protects a purchaser who willfully closes his ears to information, or refuses to make inquiry when circumstances of grave suspicion imperatively demand it.
Upon the whole, it is impossible to avoid the conclusion that the purchases of these bonds by Brackenridge and Lytle were never made in good faith, but were merely fictitious, and that their real ownership is still in some one, who is affected with notice of their invalidity, and has endeavored by feigned transfers to get them into the hands of some one who can pose before the court as a bona fide purchaser. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ It is incredible that a man should purchase this large amount of bonds for half their face value without looking at them, or even noticing whether they were signed or sealed, without making any inquiries with regard to the responsibility of the town, or the circumstances under which the bonds were issued, the nonpayment of the overdue coupons, or the title of the person-to him an entire stranger-through whom he purchased them. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ It is certainly an unusual proceeding for a stock farmer to trade the bulk of his property for bonds about which he knows nothing, and which he does not take the trouble to look at, upon the bare assurance of his vendor that they are good, though such vendor be his own banker, with whom he had been on intimate terms for years. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ Wormley, 8 Wheat. 421, 449, to be 'a settled rule in equity that a purchaser without notice, to be entitled to protection, must not only be so at the time of the contract of conveyance, but at the time of the payment of the purchase money.' Such is undoubtedly the law. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ Brackenridge that they were good. The bonds were delivered to him at the San Antonio National Bank, and Lytle gave him a receipt for the one-third interest in the property. This was six or eight weeks after the agreement was made. He cut off the July coupons in time for presentation for payment, and the January coupons as they became due, and sent them to the attorneys in New York to whom Mr. Stillman had recommended Mr. Brackenridge. This was the last time he saw the bonds. The Frio property was subsequently conveyed to the San Antonio Ranch Company. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ We proceed to examine the title of the several holders of these bonds from the time they were delivered to the railroad company, which, of course, was not a bona fide holder, to the time they came into possession of the plaintiff.
1. Leonard, Sheldon & Foster. These were New York bankers, to whom the bonds were pledged as security for a loan of $50,000 to the railroad company. They also received them with power and instruction from the company to sell them. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ There is nothing tending to show that he was a bona fide purchaser for value.
4. George W. Brackenridge, president of the National Bank of San Antonio, Tex., claims to have purchased these bonds of John J. Stewart, giving him therefor a check for $50,000 on the Louisiana National Bank. It is somewhat singular that this check was payable to and indorsed by James J. Stewart, and no explanation is given why, if the sale were made by John, the consideration was paid to James. ”

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Source: Wikisource

Henry Billings Brown, Lytle v. Lansing — Opinion of the Court

“ Granting that all these peculiarities may be explained by the confidence which an inexperienced farmer might repose in a friend of long standing, his own testimony shows that in the latter part of the summer or in the fall of 1884 he heard from his attorneys in New York that there was some difficulty about the bonds, and that he then talked the matter over with Mr. Brackenridge, who told him that he had a suit pending about some of the coupons. ”

Henry Billings Brown

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